Binance: Difference between revisions - Wikipedia

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In July 2023, several senior executives resigned from the company.<ref>{{Cite web |last1=Wilson |first1=Tom |last2=Shekhawat |first2=Jaiveer |last3=Wilson |first3=Tom |date=7 July 2023 |title=Crypto exchange Binance hit by executive exodus |url=https://www.reuters.com/technology/binances-chief-strategy-officer-patrick-hillman-quits-tweet-2023-07-06/ |access-date=23 July 2023 |website=Reuters |language=en}}</ref> ''The Wall Street Journal'' reported that Binance had cut its global workforce by as many as 1,000 staff.<ref>{{Cite web |last1=Ostroff |first1=Caitlin |last2=Kowsmann |first2=Patricia |date=17 July 2023 |title=Binance Cuts Back Employee Benefits, Citing Decline in Profit |url=https://www.wsj.com/articles/binance-cuts-back-employee-benefits-citing-decline-in-profit-51d51cf7 |access-date=23 July 2023 |website=Wall Street Journal}}</ref> CNBC reported that the number of staff cuts could total 3,000 by the end of 2023.<ref>{{Cite web |last=Goswami |first=Rohan |date=14 July 2023 |title=Binance could lay off thousands as company buckles down for DOJ probe, source says |url=https://www.cnbc.com/2023/07/14/binance-could-lay-off-thousands-in-response-to-doj-probe-source.html |access-date=23 July 2023 |website=CNBC |language=en}}</ref> Zhao didn't deny layoffs were occurring but claimed both the reported numbers and the reasons for the senior executive departures weren't accurate. In June 2023 Binance had 790 million US dollars in outflows after the SEC announced its lawsuit and Forbes reported that the company had 120 million users globally.<ref>{{Cite web |last=Hamilton |first=Katherine |date=6 June 2023 |title=Binance Out $790 Million As Investors Move Assets After SEC Lawsuit, Research Firm Reports |url=https://www.forbes.com/sites/katherinehamilton/2023/06/06/binance-out-790-million-as-investors-move-assets-after-sec-lawsuit-research-firm-reports/?sh=47a9243a4302 |access-date=6 September 2023 |website=Forbes |language=en}}</ref> On November 21, 2023, US authorities convicted Binance on multiple charges—including violations of the Bank Secrecy Act, money laundering schemes, unlicensed money transmitting, and sanctions violations. As part of the plea deal, the company agreed to pay $4 billion in fines, and Changpeng Zhao stepped down as CEO with a $50 million fine.<ref name=":1" /> Zhao was succeeded by [[Richard Teng]].<ref name=":1">{{cite news |last1=Palma |first1=Stefania |last2=Chipolina |first2=Scott |title=Binance chief resigns as crypto exchange pays $4bn in fines |url=https://archive.today/20231122084628/https://www.ft.com/content/d10af983-1376-457f-9709-815e04ba59fb |access-date=22 November 2023 |agency=Financial Times |publisher=Financial Times |date=2023-11-21}}</ref>

According to a 2024 report in ''The Wall Street Journal'', in 2023 Binance fired several members of its internal investigation team who were tasked with investigating [[market manipulation]] such as [[pump and dump]] schemes and [[wash trading]]. According to ''The Wall Street Journal'', an internal investigation within Binance found that a VIP client of the company, a trading and investment firm named DWF Labs, had previously advertised its ability to manipulate the market by generating "believable" artificial volume to increase the price of tokens. The investigation also found examples of DWF selling tokens its founder had promoted causing a crash in those token's price, which is consistent with a pump and dump scheme, and is against Binanace's terms of service. In response to this report, Binance fired the investigators and retained DWF as a client, saying that the self trading could have been accidental and that the internal team collaborated too closely with one of DWF's competitors. Binance has disputed any wrongdoing.<ref>{{cite news |last1=Berwick |first1=Angus |last2=Elaine |first2=Yu |title=Binance Pledged to Thwart Suspicious Trading—Until It Involved a Lamborghini-Loving High Roller |url=https://www.msn.com/en-us/money/news/binance-pledged-to-thwart-suspicious-trading-until-it-involved-a-lamborghini-loving-high-roller/ar-BB1m5vDa |access-date=10 May 2024 |work=The Wall Street Journal |date=9 May 2024 |via=MSN.com}}</ref>

==Tokens==