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 <p>The development comes as <a rel="noopener noreferrer nofollow" title="Binance.US" href="https://thebittimes.com/tag/binance-us.html">Binance.US</a> has cut down its staff by nearly 100 positions amid the strong regulatory crackdown from the US Securities and Exchange Commission (SEC). This marks the second round of job cuts this year for <a rel="noopener noreferrer nofollow" title="Binance.US" href="https://thebittimes.com/tag/binance-us.html">Binance.US</a>, which is grappling with a growing list of legal and operational challenges.</p>  
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 <p>In June, the U.S. SEC leveled accusations against Binance Holdings, its CEO Changpeng Zhao, and <a rel="noopener noreferrer nofollow" title="Binance.US" href="https://thebittimes.com/tag/binance-us.html">Binance.US</a>, alleging mishandling of customer funds, misleading investors and regulators, and violations of securities regulations. Zhao and the companies have strongly refuted these claims.</p> 
 <p>Following the SEC’s actions, customers of <a rel="noopener noreferrer nofollow" title="Binance.US" href="https://thebittimes.com/tag/binance-us.html">Binance.US</a> encountered difficulties in depositing or withdrawing dollars. This happened as several banking partners started severing their ties with the platform. As a workaround, the company had to implement an alternative method for <a rel="noopener noreferrer nofollow" title="Binance.US" href="https://thebittimes.com/tag/binance-us.html">Binance.US</a> users to convert dollars into cryptocurrencies.</p>  
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 <p>In March, the U.S. Commodity Futures Trading Commission (CFTC) also charged Binance and Zhao with “willful evasion of federal law.” Additionally, the U.S. Department of Justice is conducting an inquiry into Binance, although it has not yet accused the company of any wrongdoing.</p>  
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 <h3 id="a-rel-noopener-noreferrer-nofollow-title-binance-us-href-https-thebittimes-com-tag-binance-us-html-binance-us-a-declining-market-share"><a rel="noopener noreferrer nofollow" title="Binance.US" href="https://thebittimes.com/tag/binance-us.html">Binance.US</a> Declining Market Share</h3> 
 <p><a rel="noopener noreferrer nofollow" title="Binance.US" href="https://thebittimes.com/tag/binance-us.html">Binance.US</a> has seen its share of the global market contract significantly, dropping from approximately 2.39% in April to just around 0.6%, as reported by Jacob Joseph, an analyst at CCData research. Moreover, the platform’s monthly trading volume has dipped below levels recorded in early 2020. Speaking on the current development, a <a rel="noopener noreferrer nofollow" title="Binance.US" href="https://thebittimes.com/tag/binance-us.html">Binance.US</a> spokesperson told Bloomberg:</p> 
 <blockquote> 
  <p>“The actions we are taking today provide <a rel="noopener noreferrer nofollow" title="Binance.US" href="https://thebittimes.com/tag/binance-us.html">Binance.US</a> with more than seven years of financial runway and enable us to continue to serve our customers while we operate as a crypto-only exchange. The SEC’s aggressive attempts to cripple our industry and the resulting impacts on our business have real world consequences for American jobs and innovation, and this is an unfortunate example of that.”</p> 
 </blockquote> 
 <p>Reportedly, the global arm – Binance Holdings has also been cutting down on staff in recent months.</p> 
</div>  
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/binance-us-lays-off-another-100-people-in-regulatory-pressure-tbt62503.html">https://thebittimes.com/binance-us-lays-off-another-100-people-in-regulatory-pressure-tbt62503.html</a></p>

Binance.US Lays Off Another 100 People In Regulatory Pressure

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