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Binance, one of the largest cryptocurrency exchanges in terms of trading volume and market share in the crypto ecosystem, has suffered a major blow due to the Securities and Exchange Commission’s (SEC) lawsuit for violating securities laws and the recent rejection of its license applications in several European countries. According to the Wall Street Journal, Binance has laid off more than 1,000 employees following these developments.
Binance, Regulators in Hot Water
Binance, considered the world’s largest cryptocurrency exchange in terms of trading volume and one of the companies with the largest market share in the crypto ecosystem, has been severely affected by recent developments. The Securities and Exchange Commission (SEC) has filed a lawsuit against Binance, alleging violations of securities laws.
In addition to the lawsuit filed by the SEC, the consecutive rejections of its license applications in several European countries have resulted in significant losses for Binance, the world’s largest cryptocurrency exchange in terms of trading volume and one of the companies with the largest market share in the crypto ecosystem.
Over 1,000 Employees Let Go at the Giant Exchange
These recent developments have prompted Binance, which aims to expand its operational activities, to significantly reduce its workforce. According to the Wall Street Journal, Binance, the cryptocurrency exchange facing regulators, has terminated the employment of over 1,000 employees.
There have been many significant developments in the crypto ecosystem in recent months, including the historic decision in the Ripple case. Binance, facing regulators both in the US and many European countries, being sued and investigated, is undoubtedly one of the important developments in recent months. Binance, which is downsizing its workforce, is also experiencing a significant loss of market share in recent times.
