Binance Lays Off Over 1,000 Employees

The largest crypto exchange Binance laid off more than 1000 employees recently. This was first reported by the Wall Street Journal. According to the Wall Street Journal, as a part of the restructuring of the company, they took action to let go of more than 1000 employees.

Binance has been going through a challenging situation in the United States. The U.S. Securities and Exchange Commission (SEC) sued Binance and its CEO Changpeng Zhao, CZ. It becomes difficult to deal with the situation. Binance faces a difficult situation in other countries as well.

This exchange has to deal with everything and keep running its business. Maybe they think it is better to lay off some employees and be prepared to face challenging situations. Binance is one of the most popular crypto exchanges. Being in an uncertain situation, it is difficult to predict what would happen in the future.

Ripple's victory against the SEC shows it will not be easy for regulators to do things the way they like. Regulators often point out some cryptos as security and play their cards to take legal action. They state that crypto exchanges have to register in a proper way. Without giving clear guidelines, they are more interested in charging a fine or filing a lawsuit against crypto exchanges.

The good news is, it has been clear that XRP is not a security. Now it will be more difficult to prove that other cryptocurrencies are unregistered securities. Several allegations were brought against Binance and CZ. It could put Binance's business at risk in the United States.