Bitcoin Price Hits $2,700 on Binance: CEO CZ Breaks Silence

Bitcoin (BTC) Price Hits $2,700 on Binance: CEO CZ Breaks Silence

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Fri, 09/29/2023 - 10:21

In an unexpected turn of events, the price of Bitcoin (BTC) plummeted to an astonishingly low $2,706.20 during trading on the world's largest cryptocurrency exchange, Binance. 

This unexpected dip in Bitcoin's value sparked concern in the crypto community, as it is a price level last witnessed by investors back in 2017.  Source: TradingView It is important to note that this abrupt drop occurred specifically within the futures trading section of the BTC to USDT pair.

Binance US revenue fell 70% year to date: WSJ

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

BYKATHERINE ROSS/

SEPTEMBER 27, 2023 04:10 AM

Grey82/Shutterstock.com modified by Blockworks

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.