Binance Refutes Market Manipulation Allegations

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Binance, one of the world’s largest cryptocurrency exchanges, has issued a firm rebuttal to market manipulation allegations reported by The Wall Street Journal (WSJ). According to the published article, which cites internal documents and insider sources, Binance Holdings Ltd. allegedly permitted certain users to engage in manipulative trading practices.

However, Binance has categorically refuted the accusations and reaffirmed its commitment to stringent market surveillance and ethical trading practices.

Binance’s Response to WSJ Allegations

In refuting WSJ’s claims, Binance outlined its strict protocols to ensure market integrity and prevent any form of market manipulation. The exchange says it has a dedicated team focused on maintaining fairness and transparency across its platform.

According to the firm, over the past three years, strong action against market abuse has been taken against abusers of stipulated guidelines. One of such is the offboarding of nearly 355,000 users whose collective transaction volume exceeded $2.5 trillion due to violations of the exchange’s terms of use.

The exchange further emphasized its impartiality when addressing allegations of market manipulation. It clarified that its internal investigation team analyzes evidence without bias, even in cases involving market-making firms. The goal is to foster healthy competition while safeguarding users from any form of manipulation or unfair practices.

Allegations Trail Binance, Even in Nigeria

The WSJ allegations are one of several that the trading firm is facing. In Nigeria one of its executives, Tigran Gambaryan is in detention, awaiting trial while the other is facing extradition by INTERPOL from Kenya. The accusations against Binance by the Nigerian authorities include bribery, money laundering, and terrorism financing.

Binance claimed some anonymous individuals requested bribe payment in cryptocurrencies to make the “matter go away.” However, Nigerian Information Minister Mohammed Idris dismissed these accusations as diversionary tactics designed to thwart ongoing investigations into Binance’s operations in the country.

One Trouble Too Many for Binance?

Meanwhile, Oregon toed the path of five other states, becoming the sixth to revoke Binance license in the U.S. The Oregon Division of Financial Regulation says the revocation is as a result of the felonies committed by former Binance CEO, Changpeng Zhao.

Despite these challenges, the exchange continues to reaffirm its commitment to compliance and transparency. It says it will continue to adhere to regulations and ethical business practices. In the meantime, according to CoinMarketCap, Binance is down 0.03% at $0.9999 in the past 24- hours.

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