Bitcoin News and Price | Bitcoin.News

Social Media Site X Limits Changpeng Zhao’s Account Access

by Blockchain NewsNovember 24, 2023

Unexpected Limitation on Changpeng Zhao’s User Account

Changpeng “CZ” Zhao, the former CEO of cryptocurrency exchange Binance, had his account temporarily blocked by social media site X, previously known as Twitter. Users had to accept that Zhao’s account was “temporarily restricted” in order to see it after it was restricted on November 23. X did not provide a clear explanation for this action, however there were hints that Zhao could have broken some platform regulations. It’s interesting to note that Zhao just resigned as CEO of Binance and entered a guilty plea to a criminal charge as part of a deal with US authorities before taking this step.

CZ’s Exit and Legal Difficulties

On November 21, Zhao’s departure was made public as a part of a settlement that included a $4.3 billion payment to Binance and the U.S. Department of Justice. Zhao had to pay $150 million to settle civil proceedings with authorities as part of the accord. Additionally, he entered a guilty plea to one felony count for failing to keep Binance’s anti-money laundering program up to date.

Zhao’s account was blocked at the same time that U.S. prosecutors declared him a flight risk and voiced worries about his possible departure from the country for the United Arab Emirates. Zhao’s legacy in the cryptocurrency sector has been clouded by the severe scrutiny and legal issues he faced during this time, and his social media presence has also suffered.

Zhao’s Reaction and What It Means

Zhao surmised that the limitation was probably an automatic reaction since he had changed his profile name from “CZ Binance” to “CZ BNB” despite these difficulties. He blamed the ban on several name changes on the platform and asked the people not to give in to fear, uncertainty, and doubt (FUD). Zhao is going through a major personal and professional shift, and this event serves to underline the continual obstacles he confronts.

Changes in Binance’s Leadership

Richard Teng, the former CEO of the Abu Dhabi Global Market, took over as CEO of Binance when Zhao left. With Teng’s appointment, the business enters a new phase that will probably be impacted by its current legal troubles as well as Zhao’s continuing circumstances. The blocking of Zhao’s X account in the midst of his legal disputes and resignation is another important turn in the developing story of one of the most well-known individuals in the cryptocurrency market.

In summary, Changpeng Zhao’s account on social media platform X was restricted after his departure and a legal settlement with the DOJ. This is a complicated occurrence that illustrates the complex interplay between social media, regulation, and the law in the cryptocurrency space. It will be interesting to see how these occurrences affect Zhao’s legacy and Binance’s future under its new leadership as the scenario develops.

Image source: Shutterstock

Source

Binance Undergoes Leadership Shakeup Amid DOJ Investigation

by Blockchain NewsNovember 22, 2023

Binance, the biggest cryptocurrency exchange in the world, is about to embark on a new section of its history with Richard Teng serving as its Chief Executive Officer. Changpeng Zhao, the creator of Binance, made the announcement on this consequential shift in leadership. Not only does Teng’s appointment come at a vital moment for the exchange, but it also marks a new direction in the administration and strategy of the exchange.

There is a striking coincidence between the selection of a new CEO and the departure of Changpeng Zhao, sometimes known as “CZ,” who was leaving under extraordinary circumstances. After pleading guilty to violating anti-money laundering rules in the United States, Zhao resigned from his position. A massive $4.3 billion settlement with United States authorities was reached as a result of this plea, making it one of the highest corporate fines in the history of the United States. Following closely on the heels of the conviction for fraud that was handed down to FTX founder Sam Bankman-Fried, Zhao’s departure represents a major change in the world of cryptocurrencies.

Binance is at a crossroads as a result of Zhao’s abrupt departure from his role as CEO. According to a statement, he said that he was experiencing mental distress as a result of his decision to stand down, but he highlighted that accepting responsibility for his actions was in the best interest of both himself and the Binance community.

Since at least 2018, the Department of Justice (DOJ) has been conducting an investigation against Binance and Zhao which has been going on for a considerable amount of time. In the course of the investigation, possible allegations of money laundering conspiracy and breaches of criminal penalties are being considered. Those who invest in cryptocurrencies have been anxiously anticipating the conclusion of this study since it would reduce a significant risk element that is hurting the market as a whole. As of late, there has been discussion over a resolution, with the Department of Justice apparently requesting more than four billion dollars from Binance as a component of the proposed settlement.

Not only are the recent events that have taken place at Binance crucial for the firm, but they also have wider-reaching ramifications for the cryptocurrency market and the community as a whole. An already turbulent market has been further exacerbated by the departure of Zhao and the investigation into Binance that has been conducted by the Department of Justice. The eventual settlement of these legal challenges, in conjunction with the selection of a new chief executive officer, has the ability to stabilize the situation and restore trust among investors and users.

Binance’s freshly acquired Chief Executive Officer, Richard Teng, offers a plethora of expertise to the company. In order to successfully navigate Binance through the issues it is now facing, his experience and skills in the financial and regulatory areas might prove to be quite insightful. The cryptocurrency community will be paying careful attention to Teng’s vision for the future of Binance since it may indicate a change in the way the business approaches regulatory compliance and market strategy because of the potential implications of this vision.

With regard to the cryptocurrency business as a whole, the scenario involving Binance and Zhao is illustrative of a bigger trend that is characterized by heightened scrutiny by regulatory organizations. The completion of Binance’s legal concerns with the Department of Justice has the potential to establish a standard for the manner in which other cryptocurrency exchanges and platforms interact with regulatory bodies. The need of complying with anti-money laundering legislation and other financial regulations inside the cryptocurrency field is brought into further focus by this situation.

The cryptocurrency sector is now experiencing a key moment as a result of the leadership shift at Binance and its continuing relations with the Department of Justice. With Richard Teng taking over as CEO, the corporation is confronted with a variety of obstacles as well as possibilities. Not only will the manner in which Binance navigates this era be vital for its survival, but it will also be crucial for the cryptocurrency industry as a whole, which is rapidly being scrutinized by authorities from across the world.

Image source: Shutterstock

Source

Tagged : Binance / Changpeng Zhao / CRYPTO MARKET / Cryptocurrency / Doj / LEADERSHIP CHANGE / LEGAL CHALLENGES / News / RICHARD TENG / Settlement

DOJ Seeks Over $4 Billion from Binance Amidst Years of Legal Challenges

by Blockchain NewsNovember 21, 2023

According to Bloomberg, the United States Department of Justice is attempting to negotiate a settlement to a lengthy criminal investigation by requesting more than four billion dollars from Binance Holdings on behalf of the company.

Since at least 2018, the United States Department of Justice has been conducting an investigation into Binance, which is the biggest cryptocurrency exchange in the international market. A significant point has been reached in the federal investigation, which covers a variety of intricate legal and regulatory problems that are associated with Binance’s activities. Internal data about the company’s anti-money laundering activities and contacts involving Changpeng Zhao, the company’s founder, were demanded by federal prosecutors in December of the year 2020 after they were requested.

Binance is now facing a number of legal difficulties in the United States, and this investigation is one of them. During the month of June, the Securities and Exchange Commission (SEC) filed a lawsuit against Binance and Zhao, alleging that they were responsible for a complex plan to circumvent federal securities laws in the United States. Furthermore, the Commodity Futures Trading Commission filed a complaint against the exchange in March, accusing it of willfully evading U.S. commodities law. The lawsuit charges Binance and Zhao of running an unlawful exchange and a fake compliance programme. The action was filed against the exchange. These charges have been denied by Zhao, who referred to them as a “incomplete recitation of the facts.”

The conclusion of these discussions is expected to have a considerable impact on the mood of investors towards cryptocurrencies, which is a market that is already suffering from investigations and accusations brought against a variety of companies and people by the government. In the midst of these difficulties, Binance has seen a significant departure of its executives and a decrease in its market share. Significant executives have left the company in the last few months.

As the conversations between Binance and the Justice Department continue to progress, the chance of Changpeng Zhao being charged with a criminal offence in the United States is still a possibility. As early as the end of this month, there is a possibility that a statement may be made addressing the settlement of these problem areas. Nevertheless, there is still a lack of clarity about the particulars of the sanctions and the timing. Both Binance and the Department of Justice have abstained from making any kinds of statements on the current talks.

Image source: Shutterstock

Source

Tagged : Binance / Changpeng Zhao / Cryptocurrency / Doj / News / SEC

US House Committee to Probe Crypto Crimes in November Hearing

by Blockchain NewsNovember 15, 2023

The Financial Services Committee (FSC) of the United States House of Representatives is gearing up for a critical hearing on November 15, 2023, diving deep into the shadowy corners of cryptocurrency. Entitled “Crypto Crime in Context: Breaking Down the Illicit Activity in Digital Assets,” this session aims to unravel the complexity of illegal activities within the digital asset ecosystem.

At the forefront are notable witnesses including Mr. Bill Hughes from ConsenSys, Ms. Jane Khodarkovsky from Arktouros, and Mr. Jonathan Levin from Chainalysis, each bringing a unique perspective from their extensive experience in both the crypto industry and legal enforcement.

The hearing’s central theme emerges from the FSC’s intent: comprehending the extent of illicit activities in digital assets to effectively counteract them. Discussions will revolve around identifying gaps in the current system and exploring tools to prevent and detect criminal activities.

Highlighting the gravity of the situation, the FSC will delve into the concerning trends of money laundering and the funding of terrorist organizations through cryptocurrencies. The hearing will utilize data from Chainalysis, which indicates a surge in illegal crypto transactions despite increased sanctions and hacking attempts.

A significant part of the discussion will be dedicated to assessing the anti-money laundering and counter-terrorist financing measures employed by crypto exchanges and decentralized finance providers. Moreover, the roles of the Financial Crimes Enforcement Network, the Office of Foreign Assets Control, and the Department of Justice (DOJ) will be under scrutiny.

In parallel, the hearing will also touch upon legislative efforts, notably the markup of legislation for stablecoin regulation. Simultaneously, the DOJ is intensifying its focus on crypto-related crimes, merging two of its teams to form a specialized unit targeting ransomware offences.

This hearing marks a pivotal moment for the crypto industry, as it faces stringent scrutiny from lawmakers and regulators. The outcome could significantly influence the future regulatory landscape for digital assets.

Image source: Shutterstock

Source

Tagged : ARKTOUROS / Chainalysis / Consensys / Crypto Crime / DIGITAL ASSETS / Doj / FINANCIAL SERVICES COMMITTEE / ILLICIT ACTIVITY / MONEY LAUNDERING / News / TERRORIST FINANCING / USHOUSE COMMITTEE

Ex-CEO of Investment Firm Pleads Guilty to Cryptocurrency Fraud Scheme

by Blockchain NewsOctober 13, 2023

Peter Kambolin, the former CEO of a Miami-based investment firm, Systematic Alpha Management LLC (SAM), pleaded guilty on October 11, 2023, to a fraudulent scheme involving cryptocurrency futures contracts, as announced by the United States Department of Justice (DOJ) on October 12. This marks a landmark case as it’s the first criminal charge against a Commodities Trading Advisor and Commodities Pool Operator for engaging in a “cherry-picking” scheme concerning cryptocurrency futures contracts.

Kambolin, a 48-year-old U.S.-Russian national residing in Sunny Isles Beach, Florida, executed a scheme where he dishonestly allocated profitable futures trades to his personal accounts, leaving his investors with the losses. The misappropriation of trades took place between January 2019 and November 2021, a period during which Kambolin marketed his firm as a platform offering algorithmic trading strategies in futures contracts.

Misrepresentation to Investors

Investors were mislead to believe that SAM was focused on trading cryptocurrency futures and foreign exchange futures contracts. However, nearly 50% of Kambolin’s trading in each pool was actually related to equity index futures contracts. This false representation deprived investors in the United States and overseas of profitable trades, undermining their confidence in the commodities market.

Kambolin further utilized the proceeds from this fraudulent scheme to cover personal expenses, such as the rent for a beachfront apartment. Additionally, he funneled some of the funds to foreign bank accounts controlled by his co-conspirator in Belarus and Dominica.

Legal Proceedings and Repercussions

The fraudulent activities prompted legal action, with Kambolin now facing a maximum penalty of five years in prison. Although a sentencing date has yet to be set, the case signifies the Justice Department’s dedication to prosecuting financial market malpractices using data analytics. The DOJ, together with the Federal Deposit Insurance Corporation Office of Inspector General (FDIC-OIG) and the Commodity Futures Trading Commission, is committed to restoring investor trust by holding individuals like Kambolin accountable for their fraudulent actions.

The case was prosecuted by Trial Attorney Matt Kahn of the Criminal Division’s Fraud Section, with the FDIC-OIG investigating. Previously, the Commodity Futures Trading Commission had filed a complaint against Kambolin and SAM, shedding light on the illicit activities.

Image source: Shutterstock

Source

Tagged : CHERRY-PICKING SCHEME / COMMODITIES FRAUD / CRYPTOCURRENCY FUTURES CONTRACTS / Doj / FDIC-OIG / LEGAL PROCEEDINGS / News / PETER KAMBOLIN / SYSTEMATIC ALPHA MANAGEMENT

SEC Files Application to Compel Elon Musk’s Compliance with Subpoena

by Blockchain NewsOctober 8, 2023

In the application, the SEC outlines its ongoing investigation into Elon Musk’s 2022 acquisition of Twitter shares, as well as his subsequent statements and filings with the Commission. The SEC initially served Musk with a subpoena in May 2023, requiring him to appear for investigative testimony at the SEC’s San Francisco Regional Office on September 15, 2023. While Musk initially agreed to comply, he later reversed his decision and refused, citing various objections.

The court’s jurisdiction over the case is established under Section 22(a) of the Securities Act, 15 U.S.C. § 77v(b), and Section 21(c) of the Exchange Act, 15 U.S.C. § 78u(c). According to the SEC’s application, Musk lacks a valid basis for refusing to comply with the subpoena. To strengthen its case, the application cites multiple legal precedents and regulations, including sections 77s(b), 77s(c), 77t(a), 77u(b), and 77v(b) of Title 15 of the United States Code.

Musk’s refusal came just two days before his scheduled testimony. Among his objections was the location where the testimony was to take place. Despite these concerns, the SEC attempted to negotiate an alternative date and location for the testimony, only to be met with Musk’s “blanket refusal.” The SEC argues that none of Musk’s objections hold legal merit and that he lacks a justifiable reason for his non-compliance.

The SEC’s application for an order compelling compliance is a complex issue that will be adjudicated based on the court’s interpretation of relevant regulations and the validity of the subpoena. The SEC aims to obtain testimony from Musk to acquire information not currently in its possession, which is relevant to its lawful investigation. The court’s ruling has the potential to establish a legal benchmark for how administrative subpoenas are handled in subsequent SEC probes.

In a message shared on the social media X, Musk advocated for a sweeping reform of the SEC and the DOJ. He posited that these regulatory bodies should be the subjects of inquiries to assess possible misuse of their authoritative powers. Additionally, Musk has been exploring the integration of cryptocurrency payments on X, adding another layer of complexity to his regulatory interactions.

The SEC’s filing of an application to compel Musk’s compliance with its administrative subpoena marks a significant milestone in its ongoing investigation. While the SEC has met all the criteria for the enforcement of the subpoena, Musk has failed to provide any valid legal grounds for his refusal to comply.

Image source: Shutterstock

Source

Tagged : ABUSE / ADMINISTRATIVE SUBPOENAS / COMPREHENSIVE OVERHAUL / COURT'S RULING / Doj / News / REGULATORY AUTHORITY / SEC / SEC INVESTIGATIONS / SOCIAL MEDIA PLATFORM X

DOJ Plans to Call Former FTX Consumers, Investors, and Employees as Witnesses in Upcoming Samuel Bankman-Fried Trial

by Blockchain NewsOctober 2, 2023

The judicial spotlight is soon to be on Samuel Bankman-Fried, the former CEO of FTX, as the U.S. Department of Justice (DOJ) outlines its strategy for the upcoming trial. On September 30, 2023, the DOJ disclosed through a letter motion in limine, the array of witnesses it intends to call upon. These individuals, hailing from different interactions with the cryptocurrency exchange FTX, are expected to provide crucial testimonies concerning the company’s handling of customer funds under Bankman-Fried’s watch.

A significant part of the trial will hinge on the testimonies from a variety of individuals who had differing relationships with FTX. Initially, the government intends to call upon some customers of FTX, who deposited funds on the platform. Their testimony will aim at shedding light on their expectations and understandings regarding how the company would manage and safeguard their deposits.

Following that, investors who purchased shares in FTX are expected to testify about the representations made by Bankman-Fried concerning FTX’s role as a “custodian” of customer funds. Their insights will delve into how these representations influenced their understanding and decisions in investing in FTX.

Moreover, certain cooperating witnesses, who have already pled guilty to conspiring to commit fraud with the defendant, are anticipated to testify about their interactions and understandings of certain actions and statements made by Bankman-Fried during the period under scrutiny.

Among the witnesses, a notable mention is an individual from Ukraine, referred to as “FTX Customer-1.” Given the ongoing unrest in Ukraine, traveling to the U.S. to testify presents a significant challenge. The DOJ, recognizing this hurdle, has suggested the use of video conferencing as a viable alternative to ensure the witness’s testimony is recorded and considered.

On the other side of the aisle, the defense team of Bankman-Fried argues that these interrogations could implicitly show guilt on Bankman-Fried’s part, which could be prejudicial and undermine the “innocent until proven guilty” principle.

With the process of jury selection scheduled to begin on October 3, the upcoming trial has garnered significant attention. The spotlight on this high-stakes legal showdown is expected to intensify as the trial date nears. The case is not only pivotal for the involved parties but is also likely to have broader implications on the regulatory landscape surrounding cryptocurrency exchanges, particularly concerning the safeguarding of customer assets.

Image source: Shutterstock

Source

Tagged : CUSTOMER FUNDS / Doj / FTX / News / SAMUEL BANKMAN-FRIED / Trial / Ukraine / VIDEO CONFERENCING / WITNESSES

He Yi Discusses Binance’s Regulatory Strategy Amid Actions Against Binance and Zhao Changpen

by Blockchain NewsSeptember 27, 2023

Key Takeaways

He Yi’s public letter provides insights into Binance’s stringent compliance measures like KYC, EDD, WCK, and POA.

Binance is under investigation by the U.S. Department of Justice’s national security division as of May 6, 2023, adding to a series of SEC charges.

Binance sells its Russian operations to CommEX, citing alignment with the company’s global compliance strategy.

In a crucial public letter that gains significance against the backdrop of global regulatory challenges, He Yi, Co-founder of Binance, outlined the company’s approach to compliance, competition, and internal efficiency. Yi explicitly mentioned the rigorous compliance measures like KYC, EDD, WCK, and POA that Binance follows. “It is important to note that many of our competitors do not need to consider KYC, compliance, EDD, WCK, POA as strictly as we do at Binance,” she stated.

Yi’s call for logical reasoning among employees seems to be a response to the multiple regulatory pressures the company is facing, particularly from the U.S. Department of Justice and the Securities and Exchange Commission (SEC).

On May 6, 2023, the U.S. Department of Justice’s national security division initiated an inquiry into Binance. This inquiry is focused on whether Binance allowed Russian customers to access its platform in violation of U.S. sanctions imposed in response to Russia’s invasion of Ukraine.

This investigation is not an isolated incident; it adds to a 2021 joint probe by the Department of Justice and the Internal Revenue Service, and an ongoing SEC investigation that filed 13 charges against Binance and its founder, Changpeng Zhao, on June 5, 2023.

Amidst these complexities, Binance recently announced that it would sell its entire Russian operations to CommEX. Noah Perlman, Binance’s Chief Compliance Officer, cited compliance strategy as the reason for this exit. “As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy,” Perlman mentioned. This strategic move is expected to take up to a year to fully transition existing Russian users to CommEX.

He Yi’s letter provides a lens to understand Binance’s strategic moves in navigating its global regulatory challenges. Her emphasis on strict compliance measures and logical decision-making among employees appears to be a part of a larger strategy to bolster the company’s standing amidst ongoing investigations and market exits.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

Image source: Shutterstock

Source

Tagged : Binance / Changpeng Zhao / COMMEX / Doj / EDD / HE YI / KYC / News / Poa / REGULATORY PRESSURE / Russia / SEC / U.S. Department Of Justice / WCK

OneCoin Co-Founder Sentenced to Two Decades in Prison Over Multibillion-Dollar Fraud

by Blockchain NewsSeptember 13, 2023

According to the U.S. Department of Justice (DOJ), Karl Sebastian Greenwood, co-founder of the infamous OneCoin cryptocurrency scheme, has been sentenced to 20 years in prison. The decision was handed down by U.S. District Judge Edgardo Ramos, following Greenwood’s involvement in a fraudulent operation that deceived millions of investors worldwide, leading to losses exceeding $4 billion.

OneCoin: A Brief Overview

Founded in 2014, OneCoin Ltd., headquartered in Sofia, Bulgaria, was marketed as a revolutionary cryptocurrency. However, it was later revealed to be a sham, with no real value. The company operated through a global multi-level-marketing (MLM) network, enticing millions to invest based on false promises and misrepresentations.

The Scale of the Fraud

Between Q4 2014 and Q4 2016, OneCoin amassed over $4 billion from at least 3.5 million victims. Greenwood, as the global master distributor, was instrumental in the scheme’s success, earning a staggering 5% of monthly OneCoin sales globally. This amounted to over $200 million in just two years and totaled around $300 million overall.

Misleading Representations

Greenwood and his co-founder, Ruja Ignatova, known as “the Cryptoqueen,” strategically used Bitcoin’s reputation to lure investors. They presented OneCoin as the next big investment opportunity, drawing parallels between the two cryptocurrencies in their marketing materials. However, unlike legitimate cryptocurrencies, OneCoin’s value was arbitrarily set by the company, with no regard for market dynamics.

The Illusion of Legitimacy

OneCoin falsely claimed to operate on a private “blockchain.” However, it lacked a genuine, verifiable blockchain. By March 2015, Greenwood and Ignatova began allocating non-existent OneCoins to members, dubbing them “fake coins.” This deception was further highlighted in email exchanges between the co-founders, where they acknowledged the absence of real mining operations.

Lavish Lifestyles Funded by Fraud

The funds amassed from the scheme were used to finance extravagant lifestyles. Greenwood, for instance, spent thousands on luxury resorts in Brazil and Thailand, designer goods, and even a private “OneCoin” airplane. He also invested in real estate across Spain, Dubai, and Thailand.

The Arrest and Extradition

Greenwood was apprehended in Koh Samui, Thailand, in July 2018 and was later extradited to the U.S. in October 2018. He has remained in custody since his arrest.

The Hunt for the Cryptoqueen

Ruja Ignatova, Greenwood’s co-conspirator, remains elusive. Charged with OneCoin-related fraud and money laundering in October 2017, she vanished after a trip from Bulgaria to Greece later that month. Ignatova was added to the FBI’s Top Ten Most Wanted List in June 2022, with a $100,000 reward for information leading to her capture.

Image source: Shutterstock

Source

Tagged : Doj / KARL SEBASTIAN GREENWOOD / MULTIBILLION-DOLLAR FRAUD / News / Onecoin

Binance Plans 1,500 to 3,000 Layoffs due to DOJ Probe, Reported CNBC

by Blockchain NewsJuly 15, 2023

The biggest crypto exchange Binance is reportedly planning to layoff between 1,500 and 3,000 employees by the end of the year, according to an anonymous source cited by CNBC on July 14, 2023. This move is seen as a response to an ongoing probe by the U.S. Department of Justice and SEC.

Binance CEO Changpeng Zhao (CZ) repsonse the news swiftly in tweet, stating

As we continuously strive to increase talent density, there are involuntary terminations. This happens in every company. The numbers reported by media are all way off. 4 FUD.

CZ also disputed the reported layoff numbers, calling them “way off” and attributing the inflated figures to FUD (Fear, Uncertainty, and Doubt) spread by the media.

Despite the layoffs, CZ emphasized that Binance is still in the process of hiring. He highlighted the company’s ongoing efforts to increase “talent density” and expressed optimism about the future, noting that the media’s continued focus on Binance underscores its significance in the crypto industry.

The layoffs occur as Binance faces severe regulatory obstacles. The exchange has been under attention from both the Commodity Futures Trading Commission and the U.S. Securities and Exchange Commission due to allegations of improper treatment of client funds and running an unlicensed exchange in the country.

Both regulatory challenges and Binance’s rapid growth have been defining features of the company’s history. The exchange begin its operation in 2017, then quickly rose to prominence and expanded to become the largest cryptocurrency exchanges in 2019.

There have previously been speculations of layoffs at Binance as a result of a sharp decline in trade volume and regulatory concerns.

On June 6, 2023, Binance co-founder He Yi vehemently denied that the whole BNB chain team will be fired.

On June 1, 2023, according to unidentified sources and a 20% reduction estimate, Crypto writer Colin Wu first broke the news of possible layoffs. CZ responded by calling these allegations “FUD” and highlighting the fact that Binance has maintained a profit since its fourth month of operation, even through two crypto winters.

Source

Tagged : Binance / Cz / Doj / LAYOFF / News / SEC