# binance scandals

By [Untitled](https://paragraph.com/@0xe49e95e9f65d257c03a33b1c3272e368b1dedccd) · 2023-03-26

---

Binance, one of the world's largest cryptocurrency exchanges, has been involved in several scandals over the years. Here are some of the notable ones:

1.  Money laundering and regulatory issues: In June 2021, Binance was ordered by the UK's Financial Conduct Authority to cease all regulated activities in the country due to concerns over its anti-money laundering practices. Binance has also faced regulatory scrutiny in several other countries, including the US, Canada, and Japan.
    
2.  Hack and security breaches: In 2019, Binance suffered a major security breach in which hackers stole over 7,000 bitcoin, worth around $40 million at the time. The exchange has also faced several other security breaches over the years.
    
3.  Insider trading allegations: In August 2021, Forbes reported that Binance was under investigation by the US Department of Justice and the Internal Revenue Service over allegations of insider trading and market manipulation.
    
4.  Customer support and withdrawal issues: Binance has faced criticism from customers over its poor customer support and withdrawal issues, with some users reporting long delays and difficulties accessing their funds.
    

It's worth noting that Binance has denied many of these allegations and has taken steps to address some of the issues. However, the scandals have raised concerns about the safety and reliability of the exchange, and some users have chosen to move their funds to other platforms.

![](https://storage.googleapis.com/papyrus_images/488a588c7b8778cdd310fc4bd8219815e14bf6187bc6f4da714a1fb1b7c524c3.jpg)

---

*Originally published on [Untitled](https://paragraph.com/@0xe49e95e9f65d257c03a33b1c3272e368b1dedccd/binance-scandals)*