WSJ: CZ was aware of wash trading at BinanceUS
The WSJ’s investigation reveals that Binance’s CEO Changpeng Zhao was aware of wash trading at the American branch launch and “directed” it. According to a report from the Wall Street Journal, in the first hour of Binance launching its American platform, BinanceUS, around $70,000 worth of Bitcoin (BTC) was exchanged. The media accessed the internal communication, where CEO Changpeng Zhao allegedly admitted the volume wasn’t all from external traders. “That was ourself, I think.” Binance’s CEO Changpeng Zhao In addition to that, the WSJ report alleges that the global Binance exchange wash-traded about 46% of its total volume. What is wash trading This raises a larger question about actual trading volumes versus coin promoters shuffling assets, known as wash trading . Wash trading is a deceptive practice in the financial markets where an entity, typically a trader or a group of traders, artificially inflates trading volumes by repeatedly b...