Crypto Currency

After SEC charges, the US branch of cryptocurrency giant Binance fires staff, according to sources

News Era June 20, 2023 0

Title: “After SEC charges, the US branch of cryptocurrency giant Binance fires staff, according to sources”

Since authorities last week accused the U.S. subsidiary of cryptocurrency giant Binance of breaking securities laws and moved to freeze its assets, the company has made a round of layoffs, according to two people with knowledge of the firings and workers’ social media posts.

According to one of the reports, 50 workers were let go. The number of impacted employees or their seniority could not be independently verified by Reuters.
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On June 5, the SEC charged Changpeng Zhao, the founder and CEO of Binance, with launching the exchange.as a “web of deception” to get around securities rules meant to safeguard American investors. Binance promised to defend itself “vigorously.”

The operating firm of Binance.US, BAM Trading, was also sued by the SEC on the grounds that it had deceived investors about “non-existent trading” restrictions on its platform.