Binance US cut 200 jobs and lost 75% revenue after SEC's 'near-mortal blow'
Binance US reportedly cut more than 200 jobs last year after it was dealt a ‘near-mortal blow’ when a Securities and Exchange Commission (SEC) lawsuit accused it of wash trading, diverting regulatory attention, and offering unregistered securities. In the wake of the lawsuit, the company reportedly suffered a 75% plunge in revenue and is struggling to find new banking partners after losing two already. In addition, the exchange reportedly has fewer than five market makers after previously being partnered with 20. The revelations were revealed in a deposition shared on Tuesday in which Christopher Blodgett, the COO of Binance.US arm BAM trading, is recorded giving witness statements. Blodgett admitted, “Our trading volumes and business more generally have imploded,” and claimed the SEC lawsuit has, “ At the highest level… dealt an almost near-mortal blow .” NEW: In court filings released today, Binance US COO Christopher Blodgett said in a December deposition that ...