Binance, the world's largest cryptocurrency exchange, has once again been targeted by the Wall Street Journal (WSJ), a well-known US newspaper.

According to the news in Independent Turkish, WSJ wrote about Binance's difficulties. The article stated that "the Binance empire is also shaken" after the cryptocurrency exchange FTX announced its bankruptcy last year.

It was stated that at the beginning of this year, almost 70 percent of cryptocurrency transactions took place on Binance, but the rate has recently dropped to 50 percent.

It was also noted that at least 10 senior executives resigned from the company in the last three months and approximately 1500 people were laid off.

In addition to the economic difficulties it is experiencing, the cryptocurrency giant is also struggling with lawsuits in the US.

The cryptocurrency exchange was founded in China in 2017 but moved its headquarters to Singapore in September of the same year following the Chinese government's decision to ban cryptocurrencies. Binance, which left this country in 2021, currently has no official physical headquarters in any country. The company operates decentralized in various countries.

The exchange and its CEO Changpeng Zhao, also known as "CZ", were sued in the US in June on 13 separate charges. The lawsuit, filed by the US Securities and Exchange Commission (SEC), alleges that the firm and CZ illegally used customers' funds and committed fraud. Binance and CZ deny the allegations.


Brian Shroder, the former CEO of Binance.US, Binance's US arm, said in a meeting before stepping down this month that revenues from the platform had declined by 70 percent, the WSJ reported.

Shroder also allegedly said that for Binance.US to recover, CZ would have to settle lawsuits against it or sell its shares. CZ holds most of the platform's shares.

Binance.US declined a request for comment on the allegations, WSJ reported.

The article also claimed that the US Department of Justice and senior officials from Binance have been in talks for months and that some people within the company think CZ should resign.

In August, the WSJ also reported that some Binance customers were making transactions through Russian banks sanctioned by the US over the Ukraine war. The US Department of Justice launched an investigation into the transactions.

In its latest report, the WSJ argued that Binance is preventing its customers from transacting through sanctioned Russian banks and is planning to withdraw from Russia completely in the long term.