US exchange Binance confirmed a mass layoff and said the SEC enforcement action had a severe impact on its business.
Binance is a top-tier crypto trading platform. BinanceUS is an independent American subsidiary of this exchange. In June this year, the US Securities and Exchange Commission (SEC) sued BinanceUS for conducting unregistered securities offerings, operating an unregistered national securities exchange, and engaging in risky financial transactions.
The latest reports confirmed that BinanceUS has laid off 100 employees, almost ⅓ of its total workforce. With this resignation, Brian Shroder, CEO and president of Binance, will step down from his position due to the increasing regulatory pressure on this exchange.
Responding to the issue, a BinanceUS spokesperson said the SEC’s enforcement action caused major damage to the crypto sector in the US jurisdiction and also created enormous problems for crypto sector employment.
Currently, BinanceUS Chief Legal Officer Norman Reed is playing the role of CEO until the new CEO inducts.
This year, Binance & BinanceUS faced huge accusations of mass layoffs, but each time, Changpeng Zhao (CZ), CEO of Binance, confirmed that Binance was always open to hiring new talents to compete with the rival companies.
In this situation, majority of
Some people suggested that Binance should close its subsidiary BinanceUS and focus on international exchange, to stay away from all competition and grow with crypto-supporting countries.
Binance Coin (BNB) price action.
Binance Coin (BNB) is the native coin of the Binance exchange and an independent team manages the technical development work behind this coin and its associated blockchain BSC.
The current trading price of the BNB coin is $210.9 and this trading price is 2.7% higher than the trading price of the last 24 hours.
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