Synopsis
Binance.US has reportedly laid off employees in its legal, compliance and risk departments following last week’s SEC charges, according to sources. One informant said that around 50 people were dismissed, but the exact figure remains unverified. The SEC accused Binance.US and its CEO of violating securities laws by misleading investors. It has also sought to freeze Binance.US’ assets of over $2.2bn, citing concerns that they might move offshore. Two Binance.US employees on LinkedIn referred to a “round of layoffs”. Binance says it will defend itself.
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. was unable to independently verify the number or seniority of employees affected.
A Binance.US spokesperson did not respond to emails and calls seeking comment.
Employees in Binance.US’ legal, compliance and risk departments were among those dismissed, the people told , requesting anonymity because the matter is private.
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View Details » The SEC on June 5 accused Binance and its founder and CEO Changpeng Zhao of creating Binance.US as part of a “web of deception” to evade securities laws aimed at protecting U.S. investors. Binance said it would defend itself “vigorously.”
The SEC also sued Binance.US’ operating company, BAM Trading, alleging that it misled investors about “non-existent trading” controls over its platform.
A day later, the SEC asked a federal court to freeze Binance.US’ assets, 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.
Binance.US called the request “unwarranted” and said the SEC’s allegations were “unjustified.”
Two Binance.US employees said on LinkedIn on Wednesday they were leaving the company, with one citing a “round of layoffs.”
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