{"id":52347,"date":"2023-06-16T18:35:35","date_gmt":"2023-06-16T22:35:35","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=52347"},"modified":"2023-06-16T18:46:39","modified_gmt":"2023-06-16T22:46:39","slug":"binance-us-reportedly-cuts-50-staff-following-sec-charges","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/binance-us-reportedly-cuts-50-staff-following-sec-charges\/","title":{"rendered":"Binance.US Reportedly Cuts 50 Staff Following SEC Charges"},"content":{"rendered":"\n<p>Binance.US, the American counterpart of Binance, recently<a href=\"https:\/\/coinscreed.com\/staging\/nft-marketplace-superrare-announces-mass-layoff.html\" target=\"_blank\" rel=\"noreferrer noopener\"> laid off <\/a>approximately 50 employees from its legal, compliance, and risk departments. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/06\/croc_1686951144604-1024x576.jpg\" alt=\"Binance.US Reportedly Cuts 50 Staff Following SEC Charges\" class=\"wp-image-52349\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/06\/croc_1686951144604-1024x576.jpg 1024w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/06\/croc_1686951144604-300x169.jpg 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/06\/croc_1686951144604-768x432.jpg 768w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/06\/croc_1686951144604-750x422.jpg 750w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/06\/croc_1686951144604-1140x641.jpg 1140w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/06\/croc_1686951144604.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Binance.US Reportedly Cuts 50 Staff Following SEC Charges<\/figcaption><\/figure>\n\n\n\n<p>This decision comes from regulatory accusations of securities law violations against the company. According to sources and employee social media posts, Binance.US has initiated a series of staff reductions. <\/p>\n\n\n\n<p>The allegations have also led to a request to freeze the company's assets. One source claims that Binance.US let go of 50 staff members, although Reuters has not confirmed the exact number of affected roles. <\/p>\n\n\n\n<p>The layoffs primarily impacted Binance.US's legal, compliance, and risk teams. On June 14, two employees of Binance US announced on LinkedIn that they were leaving the company, with one attributing their departure to the recent round of layoffs.<\/p>\n\n\n\n<p>Earlier, there were rumors in May that Binance might have to lay off 20% of its workforce in June. However, <a href=\"https:\/\/coinscreed.com\/staging\/binance-us-ipo-route.html\" target=\"_blank\" rel=\"noreferrer noopener\">CEO Changpeng Zhao<\/a> dismissed these speculations, stating that while the company does have a policy for terminating undesirable employees, they have no plans to disclose the specific number of individuals affected. <\/p>\n\n\n\n<p>Zhao also mentioned that Binance continues to hire new employees. Binance has faced legal issues related to its operations. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-binance-s-legal-issues\">Binance\u2019s legal issues<\/h2>\n\n\n\n<p>On June 5, the <a href=\"https:\/\/coinscreed.com\/staging\/u-s-securities-and-exchange-commission-musk-twe.html\" target=\"_blank\" rel=\"noreferrer noopener\">Securities and Exchange Commission <\/a>(SEC) accused Binance and its CEO Changpeng Zhao. They claimed that Binance.US was established as part of a &#8220;deception network&#8221; to evade securities laws protecting US investors.<\/p>\n\n\n\n<p>Binance has firmly stated its intention to dispute these allegations. Additionally, the SEC has sued BAM Trading, the operating business for Binance.US, for allegedly misleading investors about the lack of trading safeguards on its platform.<\/p>\n\n\n\n<p>The SEC requested the freezing of <a href=\"https:\/\/www.google.com\/search?q=Binance.US+Reportedly+Cuts+50+Staff+Following+SEC+Charges&client=opera&ei=d-GMZOScJrPA8gK4h6vACw&ved=0ahUKEwiktO7a6sj_AhUzoFwKHbjDCrgQ4dUDCA4&uact=5&oq=Binance.US+Reportedly+Cuts+50+Staff+Following+SEC+Charges&gs_lcp=Cgxnd3Mtd2l6LXNlcnAQAzIVCAAQAxCPARDqAhC0AhCMAxDlAhgBMhUILhADEI8BEOoCELQCEIwDEOUCGAEyFQguEAMQjwEQ6gIQtAIQjAMQ5QIYATIVCAAQAxCPARDqAhC0AhCMAxDlAhgBMhUILhADEI8BEOoCELQCEIwDEOUCGAEyFQguEAMQjwEQ6gIQtAIQjAMQ5QIYATIVCC4QAxCPARDqAhC0AhCMAxDlAhgBMhUILhADEI8BEOoCELQCEIwDEOUCGAEyFQgAEAMQjwEQ6gIQtAIQjAMQ5QIYATIVCAAQAxCPARDqAhC0AhCMAxDlAhgBSgQIQRgAUNkHWNkHYNQJaAJwAHgAgAEAiAEAkgEAmAEAoAEBoAECsAEKwAEB2gEECAEYCg&sclient=gws-wiz-serp\" target=\"_blank\" rel=\"noreferrer noopener\">Binance.US's assets<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a>, including over $2.2 billion in cryptocurrencies and approximately $377 million in US dollar bank accounts, just one day after filing the accusations. <\/p>\n\n\n\n<p>The SEC expressed concerns that the exchange might move these funds elsewhere. Binance US rejected the request as &#8220;unjustified&#8221; and deemed the SEC's charges &#8220;unfounded.&#8221; <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance.US, the American counterpart of Binance, recently laid off approximately 50 employees from its legal, compliance, and risk departments. This decision comes from regulatory accusations of securities law violations against the company. According to sources and employee social media posts, Binance.US has initiated a series of staff reductions. The allegations have also led to a [&hellip;]<\/p>\n","protected":false},"author":43,"featured_media":52349,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[834],"tags":[1182,143],"class_list":["post-52347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance","tag-binance-us","tag-sec"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/06\/croc_1686951144604.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/52347","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=52347"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/52347\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/52349"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=52347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=52347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=52347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}