🚀Buckle up, BTC enthusiasts! A recent WSJ report alleges that Binance, the crypto exchange behemoth, dismissed an investigator who uncovered market manipulation by DWF Labs, one of its clients. But hold your horses! 🐎 Binance has denied the allegations, asserting its strict market surveillance program that doesn't tolerate market abuse. 🚫

🔍According to the WSJ, Binance's VIP clients, who accounted for two-thirds of the company's total trading volume in 2023, were involved in wash trading and pump and dump schemes. One such VIP client was DWF Labs, which was accused of the same crime in 2023.

💰DWF Labs, which made a minimum of $4 billion in trades per month, supposedly proposed to its clients that it could "drive up" token prices and create "artificial volumes" on the exchange and other platforms. The Binance investigators found that DWF Labs manipulated the price of the Yield Guild Game (YGG) token and six others, processing $300 million in wash trades in 2023.

⚠️However, when the surveillance team reported DWF's activities to Binance, the crypto exchange fired the head of the project one week later. A Binance executive told WSJ that the investigator was dismissed after an internal inquiry found the allegations against DWF Labs were not "fully substantiated."

🔈Binance and DWF Labs have both refuted the WSJ report. Binance emphasized its intolerance to market abuse and its commitment to ensuring healthy competition in the industry. DWF Labs, on the other hand, called the allegations "unfounded" and a distortion of facts.

Stay tuned for more updates! 📡