Binance’s US affiliate conducted a round of layoffs after the SEC charged the exchange with securities violations last week.
Crypto giant Binance’s US affiliate, Binance.US, has reportedly laid off some of its staff after the Securities and Exchange Commission sued the exchange with securities violations and sought a temporary restraining order to freeze the exchange’s assets.
Reuters reports that around 50 people, or 10%, have been laid off. Sources say employees in the exchange’s legal, compliance, and risk departments have been dismissed.
Media outlet CoinDesk cites documents in which Binance.US management described the SEC as a “politically motivated regulator” that forced the company to become a “crypto-only exchange.”
The documents read:
As part of this transition, and because of our preparation for a multi-year and very costly litigation process, the Board has asked Management to shrink the size of our teams across the company and reduce our burn rate.
Adding:
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