Binance, DWF Labs Decry Market Manipulation Claims; Trump's NFT Remarks Cause A Stir, US Legislators Eye Crypto Mixer Ban
Summary:
Binance co-founder and DWF Labs refute Wall Street Journal's allegations of market manipulation involving $300 million. At his “Mugshot” NFT gala dinner, former U.S. President Donald Trump made several memorable statements and endorsed the crypto industry. Meanwhile, a group of U.S. Democratic representatives proposes a temporary ban on crypto mixers, sparking heated reactions from the crypto community.
Binance's co-founder and the team at DWF Labs have publicly denied allegations put forth by the Wall Street Journal. Former President of the United States, Donald Trump, steals the limelight with noteworthy remarks at his “Mugshot” NFT gala event. In other news, a group of U.S. lawmakers is leaning towards enacting a temporary prohibition on crypto mixers.
Key representatives from Binance and DWF Labs have vocally refuted claims of market manipulation made by the Wall Street Journal on May 9th. This follows an earlier article from WSJ that described an alleged inquiry into DWF Labs, one of Binance’s biggest traders, for purported market manipulation, wash trading, and exaggerated trading volumes, involving around $300 million. The executives from both Binance and DWF Labs have now stepped up to further explain the matter.
Binance and DWF Labs have categorically rejected these allegations and firmly stated that no such market manipulation took place. According to DWF Labs, these allegations have no basis and only serve to twist the actual facts. They maintain their commitment to upholding the highest standards of integrity, transparency and ethical practices, and continue to support their clientele and over 700 strategic partners in the crypto ecosystem.
During his evening gala for the "Mugshot" NFT holders, former U.S. President Donald Trump offered up some memorable remarks. One clip that has gained traction on social media showed Trump promising to create a friendlier regulatory climate for crypto enterprises by eliminating the perceived "animosity" towards crypto. Trump further stated his belief that his "Mugshot" NFTs have revitalized the field, a comment that was met with raucous approval from the crowd. However, Rub Bonde - a meme coin affiliated with current President Joe Biden and holding a market cap exceeding $260 million - found less favour with Trump.
In contrast, across the aisle, a band of Democratic representatives is promoting a bill to temporarily outlaw the use of crypto mixers. Called "The Blockchain Integrity Act", the proposal puts a civil penalty of up to $100,000 on financial institutions that transact with mixer funds. If passed, this restriction would apply for two years, supposedly providing legislators ample time to evaluate mixer usage and its implications. The crypto community's reaction to this proposal has been predictably fierce, with many drawing attention to the usage of fiat currencies for unlawful activities and arguing that cryptocurrencies are being unnecessarily targeted.
Published At
5/9/2024 10:19:12 PM
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