Binance.US, the American subsidiary of the global cryptocurrency exchange Binance, reportedly had a significant decrease in both staff and revenues after a lawsuit from the U.S. Securities and Exchange Commission (SEC). According to the company’s Chief Operating Officer, Binance.US laid off about two-thirds of its staff, while its revenue dropped by a staggering 75%. The lawsuit led to a decrease in investor confidence, resulting in significant losses for the firm. The SEC’s increased scrutiny of cryptocurrency businesses continues to impact the industry, leading to significant operational changes for companies like Binance.
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