Binance’s position at the top of the cryptocurrency market is under threat as it reels from the US’s landmark punishment of the exchange, which exacted a $4.3bn settlement, tougher scrutiny and the loss of its talismanic founder.
Under the leadership of Changpeng Zhao, Binance grew from nothing in 2017 to almost 60 per cent of the global market less than a year ago.
But on Tuesday, US authorities laid out how it got there: putting profit ahead of compliance and turning a blind eye to some of the darkest corners of the online world.
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