The future of Binance and Binance.US has become a source of considerable concern for the cryptocurrency community. According to reports, the company's trading volume is less than estimates from early 2020. The fact that Binance.US's worldwide market share has also dropped recently, from 2.39% to just 0.6%, emphasizes this reduction even more. Market share for the exchange in the United States fell precipitously from over 22% in April to roughly 0.9% by June 26. European regulators, including Belgium's FSMA and Germany's Bafin, have also posed challenges for the crypto giant.Īccording to Reuters, Binance.US's market share has showen a dramatic decline. Additionally, on May 18, 2023, Binance halted PayID AUD deposits due to third-party payment provider issues.
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This comes after Binance Australia's derivatives operation license was revoked in April.
Recently, the Australian Securities and Investments Commission (ASIC) conducted a search at Binance Australia's offices, probing its now-defunct local derivatives business. In reaction to these regulatory constraints, Binance.US temporarily stopped all fiat withdrawal channels and froze dollar deposits on June 9.īinance faces heightened regulatory scrutiny globally. The accusations include running an unauthorized exchange, offering unregistered securities, breaking the law on commodities, and misusing client cash. The company's commitment to its clients and its goal to secure "more than seven years of financial runway" while it switches to a crypto-only exchange model were both further reaffirmed by the spokesperson.īinance, Binance.US, and the exchange's co-founder Changpeng " CZ" Zhao are the targets of legal actions by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission. Chief Legal Officer Norman Reed has stepped in as the interim replacement for Shroder.Ī spokeswoman for Binance.US claimed in a statement that the company's recent moves were motivated by the SEC's aggressive attempts to cripple our industry, highlighting the negative effects on innovation and real-world jobs in the United States. Alongside Shroder's exit, approximately 100 positions, or a third of the company's workforce, have been eliminated. This move has raised questions in the industry about whether Shroder's exit could trigger a "domino effect," leading to further high-profile departures or changes.
The company confirmed the departure of its president and CEO, Brian Shroder, who had joined the firm in September 2021. Binance.US, the American subsidiary of the global cryptocurrency exchange, has recently undergone significant staffing changes.
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