BinanceUS cuts ⅓ staff amid regulatory challenges in America

BinanceUS exchange confirmed mass layoff and said that the SEC’s enforcement action impacted its business badly.

Binance is a top-level crypto trade platform. BinanceUS is an independent American subsidiary of this exchange. In June of this year, the United States Securities and Exchange Commission (SEC) sued BinanceUS over providing unregistered securities offerings, running an unregistered national securities exchange, & risky financial transactions. 

Latest reports confirmed that BinanceUS laidoff 100 employees, nearly ⅓ of the total staff strength. With this layoff, Binance CEO & President Brian Shroder will leave his role because of the increasing regulatory pressure on this exchange.

A BinanceUS spokesperson responded on this matter and said that the SEC’s enforcement action caused big harm to the crypto sector in the US jurisdiction and also brought huge problems for employment in the crypto sector.

Binance US announced that it has cut one-third of its staff and president Brian Shroder will leave the company.

Chief Legal Officer Norman Reed has temporarily taken over as Binance US CEO. A Binance spokesperson said: “The SEC’s aggressive attempts to cripple our industry and…

— Wu Blockchain (@WuBlockchain) September 13, 2023

Currently, the BinanceUS chief legal officer Norman Reed is playing the role of CEO, until the new CEO entry. 

This year Binance & BinanceUS faced huge allegations of mass layoff but every time Binance CEO Changpeng Zhao (CZ) confirmed that Binance was always open to hiring new talents to compete against the rival companies.

In this situation, the majority of the X (formerly Twitter) Crypto users said that rarely people use BinanceUS for trading, as the exchange delisted the majority of the crypto assets from the platform.

Some people suggested that Binance to shut down its BinanceUS subsidiary and focus on the international exchange, to remain away from all the competition & grow with crypto-supportive 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 works behind this coin & corresponding blockchain BSC. 

The current trade price of the BNB coin is $210.9 & this trade price is 2.7% higher than the last 24 hours’ trade price.

Read also: Binance will distribute $3M to the earthquake-affected people in Morocco