Binance co-founder and DWF Labs speak out on market manipulation allegations

Both Binance co-founder Yi He and the market DWF Labs have had no involvement amid new allegations of market manipulation brought by The Wall Street Journal.

In a May 9 X post, he described the media report as “an event that greatly increased our exposure and saved us a lot of marketing budget.” However, the co-founder denied any allegations against Binance, writing the following:

I have noticed an interesting phenomenon where some mainstream media articles are driven by emotion and bias rather than facts. For example, complaints from former employees may be the basis of an article, but Binance's efforts to law enforcement agencies to investigate and arrest (in reality) the mastermind behind the casino is not considered reportable.

On the same day, DWF Labs said the allegations were “baseless and misleading” and that the company “operates with the highest standards of integrity, transparency and ethics, and is committed to supporting you and more than 700 of us.” Partners across the crypto ecosystem.

Earlier on May 9, The Wall Street Journal reported that DWF Labs, one of Binance's largest trading clients, was involved in market manipulation, money laundering and inflated trading volume of $300 million in deals on crypto projects. After the exchange's monitoring team recommended that the client be on board, Binance sided with DWF Labs and fired the investigator, arguing that there was insufficient evidence for the request.

We ensure our strict market surveillance program. [and] Do not tolerate market violence,” he commented. “Over the past three years, we have removed approximately 355,000 users for violating our terms of service with a transaction volume of over $2.5 trillion,” he added. Be impartial and look at the evidence without bias, including potential bias from market maker firms' claims against their competitors.

DWF Labs is a well-known business in the crypto industry. In the year Founded in 2021 by Andrey Grachev, the company invests in promising projects and provides long-term financial support.

Related: Binance denies reports of DWF Labs market manipulation