Binance US revenue fell 70% year to date: WSJ

Binance “has not been free of mistakes,” a spokesperson told Blockworks

article-image

Grey82/Shutterstock.com modified by Blockworks

share

Both Binance and Binance.US have faced layoffs and executive departures as the crypto exchange faces a reported probe from the Department of Justice and a lawsuit from the Securities and Exchange Commission.

The Wall Street Journal reported on Tuesday that the DOJ continues to undergo an investigation that could ultimately end in criminal charges against both Binance and CEO Changpeng Zhao.

The SEC, in a lawsuit filed back in June, alleged that the crypto exchange violated securities laws and commingled customer funds. Binance has refuted the commingling claim.

As part of the report, the WSJ said that, prior to his departure, former Binance.US CEO Brian Shorder said Binance.US revenue fell 70% year to date and that Zhao needed to sell his Binance.US shares or put his assets in a blind trust. The report also alleged discussions around Zhao stepping down from his helm at Binance. 

“As a fast-growing company in a nascent, complex industry, Binance’s evolution has not been free of mistakes. To ensure the sustainability of the entire crypto/web3 ecosystem, we have worked tirelessly not just to learn the lessons of the past, but also to continue to invest in the teams and systems that ensure user protection,” a Binance spokesperson told Blockworks via email. 

“We have made massive investments in compliance talent, processes, and technology and continue to focus on building industry-leading global compliance and law enforcement assistance programs.”

Binance.US did not immediately return a request for comment.

In posts on X, Zhao has pushed back on memes about the executive departures, saying that only one of his direct reports left in the past year. 

“Moreover, while many of our ex-team members are very strong, change is not always a bad thing […] We keep our teams dynamic to increase growth opportunities,” he added.

In addition to the legal uncertainties facing both US and Binance, the global company reportedly mulled exiting Russia

“All options are on the table, including a full exit,” Binance reportedly told the WSJ back in August. Binance said that it is working to align itself with international sanctions following reports that it helped nationals move money abroad.

Binance shuttered individual accounts with family ties to Russian officials in April of last year.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research

article-image

The stablecoin issuer now plans to offer 32 million Class A common stock shares at a price of up to $28 each

article-image

Let’s go whale watching, Bitcoin style: Investigating the mysterious “12ib7” wallet now worth $3.2 billion

article-image

Bitget’s L2 is undergoing a leadership change and will be helmed by Colin Goltra, formerly the blockchain’s chief growth officer

article-image

The funding was spread out across 61 rounds, a slight dip in both number of rounds and total funding in comparison to other months

article-image

Why is it controversial to say things are better than they used to be?

article-image

Wallchain could make influencer ROI more measurable for Solana businesses