Crypto trading and market-making firm DWF Labs has refuted all allegations of wash trading activities levelled against it in a recent report by the Wall Street Journal.
The company vehemently denied engaging in any market manipulation on Binance and called the allegations “unfounded.”
To our valued partners: We want to clarify that many recent allegations reported in the press are unfounded and distort the facts.
DWF Labs operates with the highest standards of integrity, transparency, and ethics, and we remain committed to supporting you and our over 700… pic.twitter.com/aydp1hoham
— DWF Labs (@DWFLabs) May 9, 2024
The Wall Street Journal’s report, published on May 9, accused DWF Labs of manipulating token prices and conducting over $300 million in wash trades on Binance in late 2023. The report further suggested that Binance’s surveillance team recommended removing DWF Labs from the exchange due to multiple violations of terms of use and market manipulation.
DWF Labs countered these claims, asserting that the allegations distort the facts and are not based on solid evidence. In its statement, which was published on X (formerly Twitter) two hours after the WSJ report, the firm highlighted its commitment to the principles of the crypto movement and dismissed the accusations as attempts to undermine its presence in the industry. The company then added a link to its “origin story” to back up its claims.
Meanwhile, Binance has reiterated its commitment to maintaining a strict market surveillance program to prevent market abuse. While the exchange did not directly address the allegations against DWF Labs, it emphasized its zero-tolerance policy towards any form of market manipulation.
In a recent social media post, the crypto exchange claimed that its surveillance team had offboarded nearly 355,000 users over the last three years for violating their terms of use, with a transaction volume exceeding $2.5 trillion. The exchange claimed that it is dedicated to ensuring fair competition in the industry and protecting users from market manipulation.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
