In a December deposition, Binance US COO Christopher Blodgett revealed that the company has been compelled to lay off more than 200 employees, or two-thirds of its staff, since June, following a lawsuit filed by the SEC. This action resulted in a revenue plunge of approximately 75%. The lawsuit's impact on Binance US is part of a broader regulatory crackdown, with the SEC also targeting other major cryptocurrency players like Coinbase. In response to the SEC's enforcement actions, Coinbase has contested a default judgment ruling, indicating a contentious legal landscape for cryptocurrency exchanges in the United States.
UPDATE: THE U.S. SECURITIES AND EXCHANGE COMMISSION (SEC) ACCUSES #BINANCE US OF WITHHOLDING CRUCIAL INFORMATION IN AN ONGOING INVESTIGATION
After the @secgov's lawsuit, https://t.co/8DjbW30nE5 had to slash its workforce by two-thirds as revenue plummeted 75%, a court document shows. By @thesamreynolds. https://t.co/JGmawglhPb
UPDATE: #BINANCE US HAS REPORTEDLY BEEN FORCED TO LAY OFF OVER 200 EMPLOYEES (2/3 OF STAFF) SINCE JUNE '23 AMID THE SEC'S LAWSUIT; REVENUE PLUMMETED BY 75%
In Coinbase enforcement action, US SEC tries to capitalize on win in little-noticed case https://t.co/4MZAsziFVq https://t.co/IKnfVtpbyg
Binance U.S. laid off two thirds of staff in wake of SEC lawsuit, revenue plunged 75%. https://t.co/TKHRzYMGts
According to Fortune, Binance US has been forced to lay off more than 200 employees, or two-thirds of its staff, since June last year due to the SEC’s massive lawsuit against Binance, and Binance US’s revenue has dropped by approximately 75%. https://t.co/QaFYUIC1KN
UPDATE: @COINBASE SAYS DEFAULT JUDGEMENT BY SEC SHOULDN'T HOLD WEIGHT - FILES COUNTER NOTICE
Coinbase counters use of default judgment ruling in SEC lawsuit https://t.co/9mxzRHUvLJ
The COO of Binance US testified in Dec. 2023 that after the SEC sued Binance in June, Binance US laid off two-thirds of its staff and revenue plunged ~75% (@leomschwartz / Fortune) https://t.co/2TYZS6kXbq 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/iOcwQjxazx
❖ Binance US laid off two thirds of staff in wake of SEC lawsuit, revenue plunged 75% In a deposition from December that was released on Tuesday, Binance US COO Christopher Blodgett revealed that the company has been forced to lay off more than 200 employees, or two-thirds of…
NEW: In court filings released today, Binance US COO Christopher Blodgett said in a December deposition that the company has laid off 200 people since June as a result of the SEC's lawsuit. It had previously been reported that 100 people had been laid off https://t.co/EYYNJYiBrR