- Binance refutes market manipulation allegations published in the Wall Street Journal, while former US President Donald Trump makes surprising remarks about the crypto industry. Additionally, several US lawmakers are hoping to temporarily ban crypto mixers.
- Binance is in a battle with DWF Labs over market manipulation claims, while Donald Trump re-enters the crypto scene with comments on nonfungible tokens (NFTs).
- Meanwhile, a group of US Democrats have proposed a bill that would temporarily ban the use of crypto mixers, sparking controversy within the crypto community.
Explore the latest developments in the crypto world, including Binance’s response to market manipulation allegations, Donald Trump’s surprising comments on NFTs, and the proposed US bill to ban crypto mixers.
Binance vs DWF Labs: A Battle Over Market Manipulation Claims
Binance has responded to market manipulation allegations made by DWF Labs. The claims of market manipulation by DWF Labs have resurfaced following a report published in The Wall Street Journal. An anonymous source, claiming to be a former Binance employee, alleged that Binance inspectors found $300 million worth of wash trading from DWF throughout 2023. Binance has vehemently denied these allegations. A Binance spokesperson told Cointelegraph: “Binance categorically denies allegations that our market surveillance program allows market manipulation on our platform. We have a robust market surveillance framework that detects and prevents market abuse. Users who violate our terms of service are removed from the platform; we do not tolerate market abuse.”
Donald Trump Returns to the Crypto Scene
Former US President Donald Trump hosted a group of nonfungible token (NFT) enthusiasts at his Florida home on Wednesday. He made several comments about the crypto industry, stating: “Gensler is very opposed to it. The Democrats are very opposed to it but I have no problem with it, I just want to make sure it’s good and solid and everything else.” Trump also mentioned that “Mugshot NFTs” and other collections have made NFTs trendy again, even as the NFT market appears to be slowing down. He also spoke about his rival Joe Biden’s memecoin, BODEN, which has a market value of over $260 million, stating that he is not a fan.
Busy Crypto Movements in the US
A group of five Democrats have proposed a bill to the House of Representatives that, if enacted, would temporarily ban the use of crypto mixers. The legislation, known as the “Blockchain Integrity Act,” proposes fines of up to $100,000 for financial institutions caught processing funds from mixers. The temporary measure will be in effect for a two-year period. It is claimed that lawmakers will be given sufficient time to compile a report detailing the use and effects of mixers. Following this development, investors have claimed that cryptocurrencies are being made a “scapegoat.”
Conclusion
The crypto world continues to be a hotbed of activity, with Binance battling market manipulation claims, Donald Trump making surprising comments about NFTs, and US lawmakers proposing a bill to temporarily ban crypto mixers. As these developments unfold, it’s clear that the crypto industry remains as dynamic and unpredictable as ever.
