Binance, Wall Street Journal’s report on DWF’s market manipulation was denied. At a gala dinner organized by Donald Trump for NFT owners, many of the former US president’s memorable words were reported by the press. Meanwhile, some US lawmakers hope to temporarily ban crypto mixers. Here are three significant developments in the crypto market in the last 24 hours.
Immediate Response from Binance Team
Binance, denied the latest allegations of market manipulation by DWF Labs. Allegations concerning market manipulation by DWF Labs have resurfaced. An anonymous source, claiming to be a former Binance employee, told The Wall Street Journal in a report dated May 9, 2023, that Binance’s research team uncovered $300 million worth of wash trading by DWF in 2023:
“Binance absolutely denies any claims that our market surveillance program allows market manipulation on our platform. We have a robust market surveillance framework that detects and counters market abuse. All users violating our terms of use are deactivated; we do not tolerate market abuse.”
According to the WSJ report, DWF Labs manipulated the price of the Yield Guild Game (YGG) token and at least six other cryptocurrencies in 2023. However, Binance stated that their surveillance program would make this impossible.
Striking Statements from Trump
Former United States President Donald Trump, while hosting a group of NFT enthusiasts at his home in Florida on May 8, made more than a few memorable remarks. One of the first clips circulating on social media was Trump promising to eliminate hostility towards crypto, thereby providing a better regulatory environment for crypto businesses and entrepreneurs:
“Gensler is strongly against it. Democrats are very much against it but it’s not a problem for me, I want to ensure it’s good and solid and everything else, but I’m fine with it.”
Trump also claimed that Mugshot NFTs and other collections reignited interest in NFTs during a period when the NFT market appeared to be losing strength; this received a significant cheer from the attendees.
Crypto on the Agenda in the US
Five US Democrats introduced a bill to the House of Representatives that would temporarily ban the use of cryptocurrency mixers if enacted. The bill, called the Blockchain Integrity Act, would impose fines of up to $100,000 on financial institutions caught using funds from mixers.
The temporary measure is claimed to be in effect for two years, giving lawmakers enough time to prepare a report detailing platform usage and effects. As expected, the crypto community’s reaction was unapologetically harsh. Many users argued that the US dollar and similar fiat currencies are used to finance terrorism and that cryptocurrencies are unfairly targeted or used as scapegoats to avoid addressing other systemic global and financial concerns.
