Binance.us, the US subsidiary of Binance, whose revenues decreased by 75% in the last year, had to fire the majority of its employees.
The US Securities and Exchange Commission’s (SEC) lawsuit against Binance affected Binance.US the most. According to the court filing filed on Tuesday, March 6, the exchange’s revenues were reduced after the SEC filed a lawsuit. 75% of the time decreased.
Binance.US, which was dragged into a major economic crisis, lost its employees in this process. He had to lay off 2/3 of his employees. This rate While it equates to more than 200 employees The fate of the company was also dragged into obscurity.
COO of Binance.US Christopher Blodgett In his statement on the subject, Binance.US also said that beyond short-term results, Customers are starting to lose their trust he emphasized.
There was no mistake or crime in what we did. However, the subpoena issued by the SEC negatively affected our operations. Our trade volumes and business in general “collapsed”.