Binance.US Struggles Amid SEC Lawsuit, Faces Workforce and Revenue Cuts

The crypto exchange's U.S. arm grapples with legal challenges and financial strain, including a 75% revenue drop and significant layoffs.

Binance.US faced a significant downturn after the SEC lawsuit, leading to a 75% revenue drop and the layoff of two-thirds of its workforce.
The SEC's actions included a Temporary Restraining Order that resulted in a $1 billion asset exodus from Binance.US.
Legal challenges have escalated for Binance.US, with increased legal and auditor expenses and the loss of crucial banking relationships.
The SEC alleges Binance.US has not fully complied with information requests regarding customer assets, raising concerns about the management of those assets.
Binance seeks to dismiss the SEC lawsuit, arguing against the allegations and emphasizing its compliance efforts.