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

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Marina Bay Sands Singapore

October 7, 2026

DAS Asia is a a single-day summit at Marina Bay Sands Singapore featuring conversations between the builders, investors, and global leaders are shaping the trajectory of the digital asset ecosystem in Asia & North America.

Hilton Park Lane, London

November 10-11, 2026

DAS London is a two-day summit at the Hilton Park Lane in London featuring conversations between the builders, allocators, and policy makers who are shaping the trajectory of the digital asset ecosystem in the UK, Europe, and North America.

recent research

Onchain Gacha Cover Image.png

Research

Onchain gacha platforms sold $284.3 million of digital card packs in July 2026, and Collector Crypt accounted for more than half of that activity. However, it buys back 92.9% of what it sells, which leaves it with a third of the category's revenue on more than half of its volume, and a quarter of its activity arrives through partner apps whose users it does not own. Courtyard runs the opposite model, a consumer app selling smaller packs to thousands of retail buyers who resell the cards to each other, and it took 59.7% of category revenue while growing through a month the category spent contracting. This report compares the five largest platforms on gross activity, buyback intensity, revenue after buybacks, consumer composition, marketplace liquidity, and distribution ownership, and finds Courtyard the strongest performer as of July 2026, with the qualification that none of the five discloses inventory costs or resale proceeds, so no platform in the category can yet be shown to be profitable.

Newsletter

The Breakdown

Decoding crypto and the markets. Daily, with Byron Gilliam.

Blockworks Research

Unlock crypto's most powerful research platform.

Our research packs a punch and gives you actionable takeaways for each topic.

SubscribeGet in touch

Blockworks Inc.

133 W 19th St., New York, NY 10011

Blockworks Network

PodcastsNewslettersEventsRoundtablesAnalytics