The U.S. affiliate of binance has laid off part of its staff roughly a week after the sec filed a lawsuit against the exchange. HeleneBraunn reports
In documents seen by CoinDesk, management described the SEC as a “politically motivated regulator” that forced it to become a “crypto-only exchange.”
“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,” read the documents. “Unlike every other U.S. crypto company, we have been working to avoid this scenario, but circumstances have now shifted. This was a very hard decision – one that we didn’t take lightly.
According to a report from Reuters, about 50 positions were cut. Binance.US’s LinkedIn page shows the company with 487 employees. The SEC last week sued Binance.US, along with Binance and founder and CEO Changpeng “CZ” Zhao on allegations of offering unregistered securities to the general public. It also
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why Binance tells staff not to talk about its officesBinance has offices dotted all over the world, and a policy that forbids staff from talking about them.
Read more »
Binance CEO Changpeng Zhao denies rumors of selling Bitcoin to bolster BNBBinance CEO cz_binance has denied rumors suggesting Binance has been selling Bitcoin to prop up the price of Binance Coin (BNB).
Read more »
Should you be worried if your crypto is in Binance.US or Coinbase?Are your cryptos safe at Coinbase and Binance as the SEC is suing the two of the biggest crypto exchanges? Where can you go next if you are moving digital assets off them? Experts weigh in on your burning questions.
Read more »
Ex-SEC Official Says Regulator Is Playing Hardball with BinanceFormer SEC official John Reed Stark has highlighted the SEC's aggressive stance and the historical precedence set by its pursuit of such substantial relief from a major financial institution
Read more »
Binance Emergency Fund Dwindles as SEC Takes Aim at the Crypto ExchangeThe value of Binance’s rainy-day fund, set up to reassure customers their digital assets would be safe, is down 11% since the SEC sued the crypto exchange last week
Read more »
Bitcoin, Ether Remain Resilient After Binance, Coinbase Suits, and Amid Long-Running Crypto Industry TurmoilCrypto Markets Analysis: The two largest cryptos by market value have shown a remarkable ability to weather crypto turmoil and macroeconomic events over the past year. GWilliamsJr_CMT reports
Read more »