{"id":154837,"date":"2023-09-13T08:28:14","date_gmt":"2023-09-13T02:58:14","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=154837"},"modified":"2023-09-13T08:28:14","modified_gmt":"2023-09-13T02:58:14","slug":"binance-us-lays-off-another-100-people-in-regulatory-pressure-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/binance-us-lays-off-another-100-people-in-regulatory-pressure-crypto-news\/","title":{"rendered":"Binance.US Lays Off Another 100 People In Regulatory Pressure – Crypto News"},"content":{"rendered":"

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There\u2019s a major staff reshuffling happening at Binance.US as the chief executive officer Brian Shroder departs and is replaced by Chief Legal Officer Norman Reed, on an interim basis.<\/p>\n

The development comes as Binance.US has cut down its staff by nearly 100 positions amid the strong regulatory crackdown from the US Securities and Exchange Commission (SEC). This marks the second round of job cuts this year for Binance.US, which is grappling with a growing list of legal and operational challenges.<\/p>\n

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In June, the U.S. SEC leveled accusations against Binance Holdings, its CEO Changpeng Zhao, and Binance.US, alleging mishandling of customer funds, misleading investors and regulators, and violations of securities regulations. Zhao and the companies have strongly refuted these claims.<\/p>\n

Following the SEC\u2019s actions, customers of Binance.US encountered difficulties in depositing or withdrawing dollars. This happened as several banking partners started severing their ties with the platform. As a workaround, the company had to implement an alternative method for Binance.US users to convert dollars into cryptocurrencies.<\/p>\n

<\/p>\n

In March, the U.S. Commodity Futures Trading Commission (CFTC) also charged Binance and Zhao<\/a> with \u201cwillful evasion of federal law.\u201d Additionally, the U.S. Department of Justice is conducting an inquiry into Binance, although it has not yet accused the company of any wrongdoing.<\/p>\n

<\/p>\n

Binance.US Declining Market Share<\/h3>\n

Binance.US has seen its share of the global market contract significantly, dropping from approximately 2.39% in April to just around 0.6%, as reported by Jacob Joseph, an analyst at CCData research. Moreover, the platform\u2019s monthly trading volume has dipped below levels recorded in early 2020. Speaking on the current development, a Binance.US spokesperson told<\/a> Bloomberg:<\/p>\n

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\u201cThe actions we are taking today provide Binance.US with more than seven years of financial runway and enable us to continue to serve our customers while we operate as a crypto-only exchange. The SEC\u2019s aggressive attempts to cripple our industry and the resulting impacts on our business have real world consequences for American jobs and innovation, and this is an unfortunate example of that.\u201d<\/p>\n<\/blockquote>\n

Reportedly, the global arm \u2013 Binance Holdings has also been cutting down on staff in recent months.<\/p>\n

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\u2713 Share:<\/p>\n

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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–><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

There\u2019s a major staff reshuffling happening at Binance.US as the chief executive officer Brian Shroder departs and is replaced by Chief Legal Officer Norman Reed, on an interim basis. The development comes as Binance.US has cut down its staff by nearly 100 positions amid the strong regulatory crackdown from the US Securities and Exchange Commission […]<\/p>\n","protected":false},"author":2,"featured_media":154838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-154837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=154837"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154837\/revisions"}],"predecessor-version":[{"id":154840,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154837\/revisions\/154840"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/154838"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=154837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=154837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=154837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}