Binance, the world’s largest cryptocurrency exchange, has been facing a difficult year in the US. The SEC filed a lawsuit against it in June, while the US Commodity Futures Trading Commission charged Binance and CEO Changpeng Zhao with ”willful evasion of federal law” in March. In response to the regulatory storm, Binance.US has appointed a new CEO, Norman Reed, and cut 30% of its workforce. Zhao has defended his actions, claiming that the company is now ”more resilient” as a result of the changes. The company has also faced an exodus of staff globally, with eleven top staff leaving since July. Fortune reported that the exodus was sparked in part by disquiet within the company about the way Zhao has handled an investigation into the exchange by the US Department of Justice. Revenues at Binance.US have dropped to $70 million this month from $10.6 billion in January. However, the company has dismissed parallels between itself and bankrupt crypto exchange FTX, stating that all its assets are “backed one-to-one” and that it has no liquidity issues. Binance.US has also partnered with MoonPay to regain access to dollar transactions. The company is now offering an early access presale and has been featured on Cointelegraph, CoinMarketCap, and Yahoo Finance. It is rated as the best crypto to buy now in the meme coin sector and its team is behind the OpenSea NFT collection – Wall St Bulls. Tier one exchange listings are expected on September 27 and tweets have been replied to by Elon Musk.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 9 |
| People | Richard Teng, Changpeng Zhao, Norman Reed, Brian Shroder |
| Companies | Ceffu, DTCC, Ripple, SEC, New York Fed |
| Currencies | Bitcoin, Moonaï, Ethereum, US Dollar, COIN |
| Securities | None |
