{"id":193614,"date":"2023-09-13T07:39:05","date_gmt":"2023-09-13T07:39:05","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=193614"},"modified":"2023-09-13T07:39:05","modified_gmt":"2023-09-13T07:39:05","slug":"warning-signs-for-binance-exchange-expert-foresees-a-more-severe-downfall-than-ftx-coinpedia-fintech-news","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/warning-signs-for-binance-exchange-expert-foresees-a-more-severe-downfall-than-ftx-coinpedia-fintech-news\/","title":{"rendered":"Warning Signs for Binance Exchange: Expert Foresees a More Severe Downfall Than FTX – Coinpedia Fintech News"},"content":{"rendered":"

Binance is currently undergoing a turbulent phase. The departure of a massive portion of its executive team within a year has raised eyebrows, pointing to deeper underlying issues within the company and causing massive FUD amongst crypto enthusiasts.<\/p>\n

Binance.US Chief Steps Down<\/strong><\/h2>\n

Brian Shroder, the CEO of Binance.US, has chosen to vacate his position. Alongside his exit, the company confirmed that they have cut down nearly one-third of their workforce.<\/p>\n

Binance’s issues in the U.S. aren’t isolated. Earlier in the year, the U.S. Securities and Exchange Commission took legal action against the company, accusing it of breaching securities laws.<\/p>\n

The company\u2019s journey over the past year has been a rough one, primarily due to mounting regulatory concerns. They’ve faced challenges from regulators, painting a picture of a company on the verge of tumult.<\/p>\n

In response, Binance issued a statement stressing their commitment to customers, lamenting the \u201caggressive attempts\u201d by regulators, which they believe stunt American job growth and innovation.<\/p>\n

Significant Staffing Shifts Spark Concern<\/strong><\/h2>\n

Changpeng Zhao, the digital entrepreneur who controls Binance, has also made significant reductions in staffing. Over the past few months, there have been considerable exits. Recently, two top executives handling Eastern Europe and Russia regions departed. The ripple effect continued as the Asia-Pacific head left in August, followed by an array of senior executives, including the chief strategy officer, back in July.<\/p>\n

Market Share and Partnerships in Decline<\/strong><\/h2>\n

Furthermore, Binance.US’s grip on the global market has dwindled. Just months ago, their share stood at 2.39%; now, it’s a mere 0.6%. Data shows that the exchange\u2019s trading volume is now even lower than in the early months of 2020.<\/p>\n

Legal pressures have intensified; Binance and Zhao are under scrutiny for allegedly evading federal laws. Moreover, the Justice Department has its eyes on the company, though no formal accusations have been made yet. This scrutiny impacted Binance’s operational capacities, as key banking partners severed ties, leaving customers in a bit of a bind.<\/p>\n

It remains to be seen how Binance will turn things around this time, but the significant staffing shifts, declining trading activity, and regulatory challenges certainly paint a complex picture for the future. And the crypto community is starting to lose its faith.<\/p>\n

A renowned voice in the crypto community, WhaleWire, recently expressed severe concerns about Binance’s trajectory. According to him, these issues with Binance could be a precursor to a significant downfall. Drawing a comparison, he cautioned that the company\u2019s potential downfall will be much bigger than FTX\u2019s.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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