Binance’s US subsidiary, Binance.US, has laid off about 50 employees from its legal, compliance and risk departments, Reuters reported on June 15.
Two Binance.US employees disclosed the layoffs on LinkedIn and said they would be leaving the company.
Although Binance.US has not officially announced this staff reduction, Reuters has obtained information from sources with information on the matter.
Global Binance is also reported to have cut staff by 20% at the end of May.
Binance Chief Compliance Officer (CCO), Patrick Hillman, later stated that the number of layoffs may be less than initially reported and only about 5%. He also said that the actual amount will not be clearly determined until the audit.
LATEST REDUCTION SETTINGS HAPPENED AFTER SEC SUCCESS
After the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance.US and requested an order to freeze the company’s funds, news of employee layoffs emerged. Currently, the two parties are in the process of negotiating to reach an agreement that will allow Binance.US to continue to pay staff salaries and guarantee the withdrawal rights of customers.
On June 13, Binance.US halted USD withdrawals and switched to a crypto-only model due to its relationships with affected banking partners.
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