Binance plans to reduce its workforce in the United States by the dozens as a result of mounting regulatory scrutiny
Amid increasing pressure from government probes, the biggest cryptocurrency exchange in terms of trading volume is believed scaling its operations.
The article also states that the company intends to downsize its employees in the United States. Hon Ng, Patrick Hillmann, and Steven Christie, Sr., V.P., and Senior Vice President, Compliance, have all left their positions as top executives at the business.
Binance CEO Changpeng Zhao has denied rumours that employees had quit over his handling of a Department of Justice inquiry, saying that staff turnover is normal at any business.
There will always be staff turnover due to factors such as the dynamic nature of the cryptocurrency markets and the industry as a whole, the constant development of our firm, and individual circumstances.
The article claims that a former employee of Binance expressed concern that the Justice Department might bring criminal charges against the company and its CEO. Many employees, including the anonymous source, fear for the company’s future since Zhao refuses to stand aside.
An insider claims that the Department of Justice’s potential legal action against Binance is contributing to internal tensions.
Two US senators reportedly requested an investigation by the DOJ against the leading cryptocurrency exchange last month for allegedly lying to Congress.