Crypto exchange Binance has been grappling with a series of challenges in recent months, marked by a significant drop in trading volumes, regulatory issues, and the departure of numerous top-level executives.
As of October 2023, Binance's trading volumes fell to 50%, down from 74% in December 2022. This decline occurred as Bitcoin's value rose to $34,000 and competitor OKX saw its market share surge over 50%.
Adding to the company's woes, several high-ranking executives have left Binance. The list includes Stephanie Cabossioras, Jonathan Farnell, Brian Schroeder, Krishna Juvvadi, Sidney Majalya, Patrick Hillmann, Mayur Kamath, Helen High, Vladimir Smerkis, Gleb Kostarev, Leon Fung, Matthew Price, Stephen Christie, Hong Ng, and Steve Milton.
The crypto exchange has also been facing legal problems on multiple fronts. The company lost its licenses in several European countries and faced charges from the United States, France, Brazil, and Great Britain. The allegations include money laundering, trading unregistered securities, and violating international sanctions against Russia. In France specifically, Binance's division is under investigation for operating without a license and is facing aggravated money laundering allegations.
These challenges have had a substantial impact on Binance's CEO Changpeng Zhao. His fortune has plummeted from $96.6 billion in January 2023 to $17.2 billion as of October 2023.
Despite these setbacks and growing security concerns prompting calls for users to withdraw funds, Binance remains the largest crypto exchange. The company reported a revenue of $7.6 billion in 2023.
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