Binance, a prominent player in the cryptocurrency industry, has been under scrutiny due to allegations of market manipulation linked to DWF Labs. Recent reports revealed that DWF Labs engaged in significant wash trading activities totaling $300 million in the previous year.

Established in 2017 by Changpeng Zhao, Binance grew to become the largest cryptocurrency exchange, commanding about 60% of global trading. However, in 2023, the exchange faced various challenges including legal troubles with the CFTC and SEC, exiting crucial markets, and undergoing leadership changes. Changpeng Zhao, also known as CZ, recently served a four-month jail sentence despite presenting evidence of his upstanding character in court. These events shed light on the vulnerability of major players like Binance to obstacles in the crypto industry.

Since CZ's departure from Binance, significant changes have occurred at the exchange. A cryptocurrency analyst has delved into Binance's alleged manipulative practices, uncovering crucial facts.

Crucial Global Events Affecting Binance Post CZ's Exit

A recent post by TruthLabs sheds light on two major global incidents involving Binance subsequent to the departure of co-founder Changpeng Zhao (CZ).

In the first incident, Binance's co-founder, Yi He, announced a $5 million reward for reporting employees engaged in insider trading. However, Binance terminated an employee who exposed market manipulation by DWFLabs, contradicting their reward initiative. This discrepancy calls into question the credibility of Binance and the leadership integrity, particularly CEO Richard Teng.

In the second incident, following a meeting with Nigerian government officials, Tigran Gambaryan, a former IRS Special Investigator recognized for his work on crypto frauds, was arrested alongside a Binance colleague. Binance CEO Richard Teng accused the Nigerian Government of demanding a $150 million cryptocurrency payment to halt a criminal investigation against the exchange, an allegation denied by the Nigerian authorities. This situation raises doubts about Binance's transparency and prompts concerns regarding past investigations, including the Mt. Gox incident.

Binance Continues Its Operations

Despite the controversies, Binance Coin (BNB) stands as the fourth-largest cryptocurrency by market capitalization, currently valued at $594.88. The token has a substantial trading volume of $1,788,598,369, a circulating supply of 147,587,032 tokens, and a market capitalization of $87,773,087,947. Over the past week, BNB has experienced a notable 5.10% price increase, indicating growing investor confidence and positioning it as an appealing asset for traders and investors.