Binance.US laid off 200 employees due to SEC lawsuit
Binance.The US cut 200 employees, who made up two-thirds of the staff. A representative of the exchange explained that this was done because of the SEC's lawsuit.
The American division of the Binance cryptocurrency exchange is Binance.US — laid off 200 employees, who made up two thirds of the staff. This is reported by Fortune with reference to court documents.
Chief Executive Officer Binance.US Christopher Blodgett said that the cuts occurred due to a lawsuit by the U.S. Securities and Exchange Commission (SEC).
"Our trading volumes and the business as a whole have collapsed. [...] The platform's revenues fell by about 75% after the SEC issued an asset freeze order in June," Blodgett added.
A company representative called the Commission's lawsuit and the asset freeze order a "near-fatal blow" that undermined the platform's ability to find partners, including banks and market makers. He added that their number had dropped from more than 20 to less than five in the months following the lawsuit.
Recall that in June 2023, Reuters reported that Binance.US has laid off about 50 employees. In September, Bloomberg announced that the company was preparing a new wave of layoffs, which would include about 100 employees, including CEO Brian Schroeder.
Source: https://incrypted.com/binanceus-uvolila-200-sotrudnikov-iz-za-iska-sec/
