Binance Faces Allegations Over Employee Dismissal As Manipulative Activities Were Reported

As reported by the Wall Street Journal, Binance fired the head of its market surveillance team after he brought to light manipulative activities by DWF Labs. Binance’s compliance department believed that there was insufficient evidence, and believed that the head of the monitoring team worked closely with DWF’s competitors and fired him. This has raised questions about the exchange’s fair trading environment. The activities included schemes like pump-and-dump and wash trading which could attract severe legal consequences in traditional finance markets. The fired leader and his team’s investigation revealed some VIP clients’ illicit trade activities which compromised the platform’s integrity.