In today's news, WSJ claimed that Binance detected that popular market maker DWF Labs was engaged in market manipulation.
Based on the statements of a former Binance employee, WSJ claimed that Binance researchers manipulated the prices of DWF Labs' Yield Guild Game (YGG) token and at least six altcoins in 2023.
While DWF Labs X denied WSJ's claims, a Binance spokesperson also denied the news and told Cointelegraph:
“Binance categorically denies any allegation that its market surveillance program allows market manipulation on our platform. We have a robust market surveillance framework that detects and takes action against market abuse. Any users who violate our terms of use will be excluded; we do not tolerate market abuse .”
Sarcastic Thanks to WSJ from Binance Co-Founder Yi He!
A reaction to WSJ's manipulation allegations came from Binance co-founder Yi He. Yi He, who denied the allegations from the X account and stated that they had no privileged actions against any fund, said the following:
“We monitor market makers closely. We do not target any fund or market maker. However, there is great competition among market makers and there is a lot of fraudulent behavior.
Anyone who wants can pay money to advertise, but don't bother with me.
“We will ensure our own fairness and will not participate in such games, and will continue to report honestly to auditors and other regulatory authorities.”
Yi He made another statement after this post.
Stating that WSJ has consistently targeted Binance, Yi He said, “I would like to thank WSJ for its long-term investment in Binance. Because WSJ has been consistently reporting about us for a long time. “I am grateful to them for saving us their budget. However, while reporting this kind of news, WSJ did not report that Binance was assisting law enforcement and assisting in the arrest of Zkasino's main culprit. This shows that WSJ acted with bias.” said.