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<p>The Securities and Exchange Commission&#39;s (SEC) attempt last year to put Binance.US on ice with a Temporary Restraining Order (TRO) has <a href="https://www.coindesk.com/policy/2024/03/06/binanceus-slashed-two-thirds-of-its-workforce-as-revenue-plunged-after-sec-lawsuit-court-transcript/?_gl&#61;1*164g64u*_up*MQ..*_ga*NjYwNTcwMzUyLjE3MDk3MTQ4Nzg.*_ga_VM3STRYVN8*MTcwOTcxNDg3Ny4xLjAuMTcwOTcxNDg3Ny4wLjAuMA.." rel="noopener noreferrer nofollow">led to a mass exodus of employees as revenues plummeted</a> and market trust issues arose.</p><p>Following the SEC&#39;s moves against Binance.US, the exchange witnessed a $1 billion asset outflow, a 75% revenue nosedive, and 200 layoffs. The platform is struggling with expenses related to legal proceedings, auditor fees, and the loss of banking relationships, all of which are adversely affecting its ability to function smoothly.</p><p>Related: <a href="https://hodl.fm/digest-33" rel="noopener noreferrer nofollow">Binance’s to Pay $4.3 Billion to U.S., HTX Heist, Genesis vs. Gemini (Again), and Grayscale’s ETF Quest</a></p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/a7ef592dd43546839bba83f9c5f479ce.gif" /></p><h2 id="header-0">Binance.US Losses Amid Legal Debacle</h2><p><em>&#34;Right after the TRO, we saw about $1 billion worth of assets flee the platform, both crypto and fiat,&#34;</em> quipped Christopher Blodgett, head at Binance.US, during his December 2023 testimony, which recently emerged as <a href="https://downloads.coindesk.com/legal/SEC_BinanceUS%20Status%20Update%20March%205.pdf?_gl&#61;1*fpz1wu*_up*MQ..*_ga*Mzc5MDkxNDMwLjE3MDk3MzU3ODA.*_ga_VM3STRYVN8*MTcwOTczNTc4MC4xLjAuMTcwOTczNTc4MC4wLjAuMA.." rel="noopener noreferrer nofollow">part of the SEC-Binance lawsuit update</a>.</p><h2 id="header-1">READ MORE ON <a href="https://hodl.fm/binance-us-tro-woes" rel="noopener noreferrer nofollow">HODL</a></h2>

Binance Suffers Serious Setbacks in the US Due to SEC Legal Battle

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