 | Almost 2 months ago, the CFTC charged Binance with, among many other things, mass insider trading on a massive scale. The lawsuit outlined over 300 'house' accounts directly and indirectly affiliated with Binance who were trading on the platform. In addition to this, the CFTC lawsuit outlines wash trading by Binance. The wash trading was done by entities that functioned under CZ's direct control and influence. In particular a single entity in Sigma Chain was responsible for washing trading using a network of dozens of accounts. The SEC lawsuit outlines a particular token, COTI, where Sigma Chain wash trading responsible for 30% of total volume on Binance at a point. There are also quotes of communication by Binance employees where they appear to admit requesting Sigma Chain to deceptively increase trading volume on Binance where they had gone as high as faking 50% of trading volume. [link] [comments] |
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