News

Here’s What’s Happening With Binance Exchange After Changpeng Zhao Left?

Binance, a major crypto player, is always in the spotlight. It has been under the spotlight ever since harsh allegations of market manipulation involving DWF Labs were placed against the company. Reports were released claiming that DWF Labs committed significant wash trading activities worth $300 million in the last year.

Founded in 2017 by Changpeng Zhao, it became the biggest crypto exchange, controlling around 60% of global trading. However, in 2023, Binance encountered significant hurdles. It faced legal issues with the CFTC and SEC, withdrew from important markets, and underwent major leadership changes. CZ recently received a four-month jail sentence after demonstrating his good character in court. These events had widespread effects on the crypto world, showing that giants like Binance aren’t immune to challenges. 

But a lot has been happening in Binance since CZ left. Here’s one crypto analyst digging into the real facts on Binance’s manipulative strategies.

Binance Faces Two Major Global Events Post CZ Binance Departure

TruthLabs’ recent X post highlights two major global events involving Binance following the departure of its co-founder, Changpeng Zhao (CZ).

In the first situation, Binance’s co-founder Yi He announced a $5 million bounty for reporting employees trading on insider information. However, Binance fired an employee who blew the whistle on market manipulation by DWFLabs, contradicting their bounty offer. This inconsistency raises questions about Binance’s credibility and the integrity of its leadership, especially CEO Richard Teng.

Interestingly, in the second situation, after a meeting with government officials in Nigeria, Tigran Gambaryan, an ex-IRS Special Investigator known for his work on crypto frauds, was taken into custody along with a Binance colleague. Binance CEO Richard Teng accused the Nigerian Government of soliciting a $150 million cryptocurrency compensation to halt a criminal probe against the exchange, which the Nigerian Government denied. This incident casts doubt on Binance’s transparency and raises concerns about its past investigations, including the Mt. Gox exploit. 

Binance Is Still in the Business

Despite the controversies, Binance Coin (BNB) is the fourth-largest cryptocurrency by market capitalization, currently priced at $594.88. It boasts a substantial trading volume of $1,788,598,369, with a circulating supply of 147,587,032 tokens and a market capitalization of $87,773,087,947. Over the past seven days, BNB has seen a notable 5.10% price increase, indicating growing investor confidence and positioning it as an attractive asset for traders and investors.

SOURCE

Leave a Comment

NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ NcdeQ