Binance, the world's largest crypto exchange, has been accused of firing the head of its market surveillance team for reporting potential market manipulation by a high-profile client.
The surveillance team detected suspicious trading activity by DWF Labs, one of Binance's top clients, including pump-and-dump schemes and wash trading.
When the team submitted a report recommending DWF's removal, Binance leadership rejected the findings and fired the team's head, leading to more investigators leaving.
Binance faces increasing regulatory scrutiny, including fines for violating anti-money laundering requirements and civil charges for misleading US investors.