Binance.US Fires Employees Amid Regulatory Charges

The US branch of Binance, a major cryptocurrency company, has recently laid off some of its employees following regulatory charges and asset freeze attempts by authorities. This information comes from individuals familiar with the dismissals and posts made by affected employees on social media.

According to a source, approximately 50 individuals were let go. However, it has not been able to confirm the exact number of employees affected or their seniority levels independently, Reuters reported.

As per Reuters, the spokesperson from Binance.US did not respond to emails and calls when contacted for comment.

Binance.US recently let go of some employees in their legal, compliance, and risk departments, according to anonymous sources who spoke to Reuters.

On June 5, the SEC accused Binance and its CEO Changpeng Zhao of using Binance.US to evade U.S. securities laws and deceive American investors. Binance has stated that it will strongly defend itself against these allegations.

The SEC has taken legal action against Binance.US’ operating company, BAM Trading, claiming that it deceived investors regarding the presence of trading controls on its platform, which were actually non-existent.

The SEC has requested a federal court to freeze Binance.US’ assets at a later date. This includes over $2.2 billion in cryptocurrencies and around $377 million in U.S. dollar bank accounts. The SEC is worried that Binance.US may transfer these funds overseas.

Binance.US responded by stating that the request was unnecessary, and they believed the SEC’s accusations were baseless.

Two employees of Binance.US announced on LinkedIn yesterday that they were departing from the company. One of them mentioned that their departure was due to a recent round of layoffs.

However, Binance.US has not spoken a word regarding this matter.