The SEC accused Binance and its founder and CEO, Changpeng Zhao, of creating Binance.US as part of a “network of deception” to circumvent securities laws.
The American subsidiary of the giant Binance cryptocurrencies conducted a round of layoffs since regulators last week accused the company for breaking the law and they tried to freeze their assetstwo sources told Reuters, the same was revealed by company employee posts on social media.
One of the sources said that some 50 persons but the precise number of affected employees could not be verified at this time. A Binance.US spokesperson did not respond to emails and calls seeking feedback.
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The employees of the legal, compliance and risk departments of Binance.US were among the laid offthe people told Reuters, requesting anonymity because the matter is private.
SEC complaint against Binance
The SEC charged June 5 to Binance and its founder and CEO, Changpeng Zhaoto create Binance.US as part of a “network of deceit” to circumvent securities laws intended to protect US investors. Binance said that she would “vigorously” defend herself.
The SEC also sued the operating company from Binance.US, BAM Tradingalleging that misled investors about “non-existent trading controls” of your platform.
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One day later, the SEC asked a federal court to freeze the assets of Binance.US, including more than $2.2 billion in cryptocurrency and some $377 million in dollar bank accounts. The SEC expressed its concern that the stock market could transfer these funds to tax havens.
Two Binance.US employees said on LinkedIn on Wednesday that they were leaving the company.with one citing a “round of layoffs”.
Source: Ambito
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