The U.S. Department of Justice is reportedly considering fraud charges against Binance. Federal prosecutors are reluctant to pursue a lawsuit due to concerns about a potential bank run on the exchange.
Germany's financial regulator reportedly advised Binance to withdraw its crypto license application, which prompted the exchange to pause its German expansion.
Binance slashed employee benefits last month due to declining profits. CEO Changpeng Zhao assured the employees that his company was still profitable.
Binance's top executives including the Chief Strategy Officer and General Counsel, have quit the company. The executives blamed their departure at CEO Changpeng Zhao's handling of the investigation by the U.S. Department of Justice.
Belgium's Financial Services and Markets Authority (FSMA) has ordered Binance to cease all operations and crypto services. The exchange has been ordered to return all crypto assets belonging to Belgian clients.
The D.C. District Court has summoned Binance CEO Changpeng Zhao in relation with the lawsuit filed against him by the SEC. Zhao has 21 days to respond to the complaint, failing which a default judgement will be entered against him.
Binance CEO Changpeng Zhao recently revealed that his company plans to make investments into several bank. By becoming a minority investors, the exchange will try to guide the banks towards crypto friendly policies.
Binance has announced that it will be winding down its operations in Canada due to the country's challenging regulatory landscape.