Binance.US reportedly cuts 50 staff following SEC charges News ▸ US ▸ Binance ▸ Regulation
Binance.US reportedly cuts 50 staff following SEC charges
The company has not officially confirmed the layoffs.
1 min read
Updated: Jun. 15, 2023 at 9:40 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance.US, the American counterpart of Binance, has laid off about 50 staff members across its legal, compliance, and risk departments., Reuters reported June 15.
Two Binance.US employees, who have not been identified, disclosed a “round of layoffs” on LinkedIn and said that they were leaving the company.
Binance.US has not officially announced the staff cuts. Reuters instead obtained its information from sources with knowledge of the matter.
Binance.US did not respond to CryptoSlate’s request for comment by press time.
Binance’s global, non-U.S. company allegedly cut its staff by 20% in late May.
Binance CCO Patrick Hillman later said that those layoffs could be lesser than reported and as low as 5%. He said the actual number of layoffs would be unclear until a later audit.
Latest cuts follow SEC charges
News of layoffs comes shortly after the U.S. Securities and Exchange Commission (SEC) filed charges against Binance.US and attempted to obtain a restraining order to freeze the company’s funds. The two parties are now working to reach a compromise that would allow Binance.US to pay staff and honor customer redemptions.
Binance.US nevertheless disabled USD withdrawals around June 13 and transitioned to a crypto-only model as its relationship with banking partners broke down.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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