According to Cointelegraph, both Binance co-founder Yi He and market maker DWF Labs have denied any involvement in market manipulation amidst recent allegations brought by The Wall Street Journal. He mentioned in a post on May 9 that the media report actually helped increase exposure and save marketing budget, despite denying all accusations made against Binance. He criticized some mainstream media for relying on emotions and biases rather than facts in their articles. DWF Labs also released a statement on the same day, dismissing the allegations as unfounded and stating their commitment to integrity, transparency, and ethics.

The Wall Street Journal reported on May 9 that DWF Labs, a major trading client of Binance, participated in market manipulation, wash trading, and inflated trading volumes totaling $300 million through deals with crypto projects. Binance allegedly supported DWF Labs over the exchange’s own surveillance team’s recommendation to offboard the client, leading to the investigator being fired due to insufficient evidence.

He emphasized Binance’s stringent market surveillance program and zero tolerance for market abuse, having offboarded thousands of users over the past three years for violating terms of use. Despite acknowledging the fierce competition in market making, he stressed the importance of neutrality and unbiased examination of evidence by the investigation team.

Founded by Andrei Grachev in 2021, DWF Labs is a prominent trading firm in the crypto industry that invests in promising projects and offers long-term financial support.