Binance.US and Coinbase Make Major Moves After SEC Lawsuits
Sources familiar with the development told Reuters that at least 50 people have been laid off from Binance.US since the lawsuit filing. The sources further added that employees from Binance’s legal, compliance, and risks departments have been dismissed from their jobs. The sources have requested anonymity as the matter is private. advertisement Earlier this month on June 5, the SEC slapped a lawsuit on Binance and its CEO Changpeng Zhao for creating a “web of deception” to evade securities laws. However, Binance has pledged to defend itself “vigorously” in the matter. The SEC had also requested the court to freeze the funds of Binance.US citing the possibility of dissipation of funds. But earlier this week, the judge rejected the proposal adding that it’s in the interest of both parties to reach a mutual settlement. Coinbase Loses Market Share to Robinhood In another development, it turns out that a herd of retail crypto...