Binance, the world’s largest cryptocurrency exchange, is having a tough time. The crypto exchange is facing regulatory pressure in different countries of the world, especially the USA. Cryptocurrency exchange Binance has begun laying off US staff, the Wall Street Journal reported.
WSJ: Binance lays off US staff!
cryptocoin.com As we have reported, some of its top executives announced that they resigned from Binance due to the problems they experienced. The exchange’s general counsel, chief strategy officer, head of investigations and senior vice president of compliance have resigned. The turmoil on the crypto exchange does not seem to stop after this. According to the Wall Street Journal (WSJ news), Binance laid off some of its US-based employees.
According to the WSJ, Binance said they were redundant to some, causing the layoffs. To some, he showed the door without giving any reason. However, it is known that the crypto exchange wants to reduce the US-based staff due to the problems it is experiencing. The crypto exchange has 8,000 staff globally. On the other hand, only 150 personnel were working in the USA. However, Binance.US. The number of staff is not included in the global staff.
The exchange feels the challenge of getting its regulators to act
This week’s Australian investigation looking for Binance employees out of the office is just one of the growing list of legal entanglements facing the world’s largest crypto exchange. According to a person familiar with the government’s move against Binance, Australian authorities this week directly called Binance’s current and former employees and requested copies of internal communications and data from their personal devices. This added to the legal problems the company was facing.
The person in question said Binance representatives were individually contacted by the Australian Securities and Investments Commission (ASIC) this week in a coordinated effort outside of the company’s offices, marking another jurisdiction where government watchdogs are approaching. From heavy accusations by US regulators to a French raid, from the Netherlands’ refusal to issue licenses to this investigation in Australia, Binance faces legal hurdles in many parts of the world, while its CEO denies that a series of departures from key legal and compliance executives are cause for concern.
The exchange has operated for years without serious regulatory interference. However, the emergence of some of these cases left the company in a difficult position. In the month since the U.S. Securities and Exchange Commission filed charges against Binance and CEO Changpeng Zhao, the company has seen significant customer withdrawals. It watched the native BNB token drop 17% in the process.
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