WSJ published an article today reporting that "Binance investigators found that DWF Labs was suspected of manipulating the prices of tokens such as YGG and conducting over $300 million in wash trading in 2023". The article also disclosed more information about the formation and work of Binance's market monitoring team.
The article mentioned that after the SEC began investigating Binance in 2022, Binance began to expand the size of its market monitoring team, which developed new software tools to track market manipulation and detect arbitrage transactions, and reported and removed hundreds of users who violated the terms of use in the first half of 2023.
The article also mentioned that a Binance spokesperson said that the company would not trade for profit or manipulate the market under any circumstances, and the company's operations were "closely monitored". In the past three years, Binance has removed about 355,000 users for violations of regulations, and the total transaction volume of these users exceeded 2.5 trillion US dollars.