Tags: binance | sec | layoff

Binance US Affiliate Fires Staff After SEC Charges

Binance US Affiliate Fires Staff After SEC Charges
(Dreamstime)

Thursday, 15 June 2023 02:49 PM EDT

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. Reuters 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 Reuters, requesting anonymity because the matter is private.

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."

© 2025 Thomson/Reuters. All rights reserved.


StreetTalk
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.
binance, sec, layoff
237
2023-49-15
Thursday, 15 June 2023 02:49 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Newsmax2 Live
 
On Now:7:00a ET • First Edition
Coming Up:9:00a ET • Newsfront
Get Newsmax Text Alerts

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© 2025 Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved