Posted 3/5/2024, 7:41:00 PM
Binance US Lays Off Over 200 Employees After SEC Lawsuit Causes 75% Revenue Drop
- Binance US laid off over 200 employees, 2/3 of its staff, since the SEC filed a lawsuit in June
- Revenues fell around 75% for Binance US after the SEC sought an order to freeze assets
- The SEC accused Binance and founder Zhao of deception and mishandling customer funds
- Binance US COO said the SEC action was a "near-mortal blow," causing partners like banks to pull out
- Parent company Binance settled charges with DOJ, Treasury, CFTC in November for $4.3 billion, but SEC case is ongoing
