The Wall Street Journal

The world’s biggest crypto firm is melting down

The world’s biggest crypto firm is melting down
Binance's dominance of crypto is dwindling. (Image: Depositphotos)
The Wall Street Journal
By Patricia Kowsmann, Caitlin Ostroff and Angus BerwickAfter FTX crashed, the world of crypto seemed to belong to the largest exchange, Binance. Less than a year later, Binance is the one in distress.Under threat of enforcement actions by US agencies, Binance’s empire is quaking. Over the past three months, more than a dozen senior executives have left, and the exchange has laid off at least 1,500 employees this year to cut costs and prepare for a decline in business.And while Binance still looms large in crypto, its dominance is dwindlin...

More World

US tariff risk less than expected for FPH, Jarden says
Economy

US tariff risk less than expected for FPH, Jarden says

Jarden says tariff-related impacts on earnings would be "nominal" by 2030.

Wall Street reels as Trump’s plan sinks markets
Markets

Wall Street reels as Trump’s plan sinks markets

The president’s sweeping tariffs proved far more severe than investors predicted.

Trump’s tariffs: where things stand
Markets

Trump’s tariffs: where things stand

The basics of the US president’s far-reaching protectionist agenda.

X and xAI megdeal breaks Wall Street’s rulebook
Technology

X and xAI megdeal breaks Wall Street’s rulebook

The merger is still raising dealmakers' eyebrows.