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Crypto Giant Binance's U.S. Arm Faces Layoffs Amid Regulatory Showdown

Published 16/06/2023, 01:11
© Reuters. Crypto Giant Binance's U.S. Arm Faces Layoffs Amid Regulatory Showdown

Benzinga - Binance's U.S. affiliate, Binance.US, has reportedly conducted a series of layoffs following recent regulatory charges and asset freeze requests by the Securities and Exchange Commission (SEC).

Quoting sources, Reuters reported that around 50 people have been laid off, with the affected employees primarily from the legal, compliance, and risk departments.

Binance.US has not provided any comment or response to the reports.

Also Read: Coinbase CEO's ResearchHub Startup Secures $5M In Funding

The SEC accused Binance (CRYPTO: BNB) and its CEO, Changpeng Zhao, of using Binance.US as a means to evade securities laws, leading to a lawsuit against the exchange.

In response, the SEC sought to freeze Binance.US' assets, including substantial amounts of cryptocurrency and U.S. dollar bank accounts.

Binance.US has contested the SEC's allegations and asset freeze request, deeming them unwarranted and unjustified. The news of layoffs was further confirmed by two Binance.US employees who announced their departure on LinkedIn, referencing the recent round of job cuts.

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© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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