We know how important hiring and layoffs are in the cryptocurrency space. Binance is the cornerstone at this point. Well, we’re in the middle of an SEC storm. So, what steps is the stock market taking at this point? Let’s look at the details.
Is Binance laying off?
Binance has been in the headlines for three weeks in a row with hiring decisions and layoffs rumors. It still continues to be so. First, besieged by an SEC investigation, Binance appointed Richard Teng as head of regional markets at the end of May. It also frustrates news of impending staff cuts. He then hired Rachel Conlan from OKX, the world’s largest crypto exchange, as vice president of global marketing. Now this week, Binance.US has announced that layoffs are imminent. But he did not specify how many people he expects to lay off.
Reuters reported that a source familiar with the American company’s plans said 50 people were laid off. This claim has not been denied so far. Also, Binance.US has not made any statements. The layoffs come after BAM Management and BAM Trading, the companies that run Binance.US, were sued by the SEC. In response to this lawsuit, Binance.US hired George Canellos as a consultant.
What does it all mean?
Canellos is a partner at international law firm Milbank. He also served as the SEC’s executive co-director from 2009 to 2014. During that time, he participated in investigations in which a number of major banks were fined $570 million for misleading investors in residential mortgage-backed securities. Canellos has also represented numerous executives and companies in SEC lawsuits, according to Milbank’s website. Accordingly, it is a valuable experience that Binance.US is looking for.
The moves aren’t just limited to Binance.US. Amy Wu, who headed FTX Ventures before the company’s collapse, is moving away from the crypto space. She has now taken a position at Menlo Ventures, she. Menlo Ventures is located in the San Francisco Bay Area. Accordingly, it invests in startups focused on consumer products, healthcare and other areas. Wu will become the firm’s New York partner. He will be moving to the city from the Bahamas, where he is working for FTX. Investing in blockchain will now remain part of Wu’s business. However, there is no reason to expect “overly enthusiastic investment”. On the other hand cryptocoin.com When we look at it personally, Shawn Carolan, one of the partners of Menlo Ventures, makes a statement. Accordingly, he said the company would “absolutely” not do “cryptocurrency speculation” or anything like that. On the other hand, Taxbit, a crypto tax software startup, announced that it has reduced 40% of its workforce, which reaches 80 employees. In this case, the company has 48 employees.
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