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Binance.US Cuts Staff After SEC Suit, Citing ‘Very Costly Litigation Process’
Reports suggest about 10% of the company’s employees were laid off.
Updated Jun 15, 2023, 8:01 p.m. Published Jun 15, 2023, 6:53 p.m.
Binance.US, the U.S. affiliate of crypto exchange Binance, has laid off part of its staff roughly one week after the U.S. Securities and Exchange Commission (SEC) filed lawsuits against both entities.
In documents seen by CoinDesk, management described the SEC as a “politically motivated regulator” that forced it to become a “crypto-only exchange.”
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“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. We are sad to see our colleagues depart, but we wish them the best and will do what we can to assist them in this transition.”
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 sought a temporary restraining order to freeze assets tied to Binance.US, but a judge on Thursday declined the order, allowing the exchange to continue doing business in the U.S.
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