Binance Under Fire: Allegations of Market Manipulation Oversight Shake Crypto Community
Binance faces accusations of firing an employee who flagged market manipulation, intensifying regulatory scrutiny. Despite denial, the exchange actions raise questions about its commitment to fair trading. Amid ongoing legal battles, founder Changpeng Zhao jail sentence adds to the exchange woes.
Binance, the leading crypto exchange, faces allegations of dismissing an employee who reported potential market manipulation, stirring regulatory concerns. The employee ousting comes amid broader scrutiny over the exchange practices, raising doubts about its commitment to fair trading.
The Wall Street Journal (WSJ) revealed that Binance terminated its market surveillance head after he flagged manipulative activities by DWF Labs, including pump-and-dump schemes. Despite Binance denial, this incident adds to the exchange regulatory challenges, particularly following a $4.3 billion fine for anti-money-laundering breaches and founder Changpeng Zhao jail sentence.
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According to Binance, over 355,000 users have been offboarded for violating terms of use, emphasizing their zero-tolerance policy towards market abuse. However, DWF Labs denies the allegations, adding complexity to the situation.
WSJ’s report suggests internal tensions at Binance, with surveillance team recommendations allegedly ignored if they conflicted with prominent clients’ interests. Despite investing in advanced surveillance tools, doubts persist regarding Binanc transparency and commitment to regulatory compliance.
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