Some of Binance.US’ first cryptocurrency trades were conducted internally and constituted wash trading, the Wall Street Journal said on July 24. The SEC’s case makes similar accusations concerning wash trading, as it alleges that Binance.US inflated trading volumes through accounts at companies controlled by Zhao such as Sigma Chain. The Wall Street Journal highlighted a section of the case in which the SEC alleges that wash trading between Sigma Chain accounts and executive accounts accounted for 70% of one cryptocurrency’s trading volume. Binance denies allegationsThe Wall Street Journal included Binance’s objections in its piece. It quoted a Binance spokesperson, who said the firm does not “engage in or tolerate” wash trading.

Source: Wall Street Journal July 25, 2023 05:14 UTC