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Binance.US Cuts Staff After SEC Suit, Citing ‘Very Costly Litigation Process’

Reports suggest about 10% of the company’s employees were laid off.

A week or so after the U.S. Securities and Exchange Commission (SEC) filed lawsuits against both firms, Binance.US, the U.S. subsidiary of cryptocurrency exchange Binance, laid off a portion of its personnel.

The documents stated, “The Board has requested Management to shrink the size of our teams across the Company and reduce our burn rate as part of this transition and because of our preparation for a multi-year and very costly litigation process.” “Unlike every other American cryptocurrency company, we have been trying to prevent this from happening, but things have changed suddenly. We didn’t take this decision lightly because it was quite difficult. Although we are sorry to see our coworkers go, we wish them the best and will do everything we can to help them during this transition.

According to a report from Reuters, about 50 positions were cut. Binance.US’s LinkedIn page shows the company with 487 employees.

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