Recent reports from The Wall Street Journal indicate that Binance Holdings Ltd. has been involved in allowing market manipulation on its cryptocurrency exchange platform. The allegations suggest that Binance overlooked evidence of market manipulation and even terminated an internal investigator who raised concerns. This situation escalated when a high-rolling client, known for extravagant purchases like Lamborghinis, was implicated. Despite Binance's claims of a rigorous market surveillance program, which has led to the offboarding of nearly 355,000 users for violations over three years, insiders argue that the company has prioritized its relationships with VIP customers, who account for two-thirds of the trading volume. These VIPs include entities like the Tron Foundation, which was removed last summer. The monitoring team also recommended removing DWF, but the head of Binance VIP complained, leading to concerns within Binance's compliance department.
In response to WSJ, we affirm our strict market surveillance program. We do not tolerate market abuse. Over the last three years, we have offboarded nearly 355,000 users with a transaction volume of more than $2.5 trillion for violating our terms of use. Market maker…
BINANCE REPORTEDLY ALLOWED MARKET MANIPULATION Binance Holdings Ltd. permitted certain users to exercise market manipulation through its exchange platform, The Wall Street Journal reported on Thursday citing insiders and internal documents it obtained
WSJ: Binance relies on VIP customers for two-thirds of the platform's total trading volume. Investigators took out the Tron Foundation last summer. The monitoring team also recommended removing DWF. The head of Binance VIP complained. Binance's compliance department believed…
Binance Pledged to Thwart Suspicious Trading—Until It Involved a Lamborghini-Loving High Roller - WSJ
Former Binance insiders say the firing of an internal investigator showed that the crypto exchange neglected evidence of market manipulation https://t.co/nnsq7Z35bm https://t.co/nnsq7Z35bm