Binance.US cuts staff one more time
Binance.US, the US arm of crypto exchange, has cut a third of its staff, around 100 positions. Along with this, Exchange President and CEO Brian Schroder has also left the company. A spokesperson for Binance.US confirmed the layoffs and Schroder’s departure, adding that the action was taken to steer the exchange toward becoming a crypto-only exchange. Schroder joined #Binance.US in September 2021 and has recently left the firm due to regulatory action taken against the firm. This step has been taken when the company is facing regulatory challenges from the US Securities and Exchange Commission (SEC). Binance US claims that the SEC’s action has had a negative impact on the company’s business and has led to the loss of jobs and innovation in the US. The decision reflects the challenges facing the #cryptocurrency industry as regulators continue to scrutinize the sector.
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