The U.S. affiliate of crypto giant Binance has carried out a round of layoffs since regulators last week charged it with violating securities laws and sought to freeze its assets, said two people with knowledge of the dismissals and employees' social media posts.
One of the sources said around 50 people were laid off. Reuters was unable to independently verify the number or seniority of employees affected.Employees in Binance.US' legal, compliance and risk departments were among those dismissed, the people told Reuters, requesting anonymity because the matter is private.
" to evade securities laws aimed at protecting U.S. investors. Binance said it would defend itself "vigorously."Binance.US' operating company, BAM Trading, alleging that it misled investors about "non-existent trading" controls over its platform., including more than $2.2 billion held in crypto and some $377 million in U.S. dollar bank accounts. The SEC expressed concern that the exchange could move those funds offshore.
In a court filing on Monday, Binance.US' operator, BAM Trading, said the SEC's asset freeze request would "effectively put BAM out of business."
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