- The court case dealt a “near-mortal blow” The COO acknowledged that operations were a priority.
- Since the lawsuit, the trading volume of the US arm has dropped dramatically.
The U.S. Securities and Exchange Commission’s (SEC’s) website lawsuit The following are some examples of the use of Binance [BNB] The exchange’s operations have been doomed in the country.
The woes Binance
According to court filings Binance US has been laying off 200 employees, according to Fortune Reporter Leo Schwartz. The legal action was taken on June 22nd. This was double The previous reported figures for September.
Christopher Blodgett revealed the information during a deposition in December. He acknowledged that the lawsuit was a “near-mortal blow” BAM Trading Services is a company that does business as Binance US.
Blodgett continued to state that trading volumes dropped dramatically, and the image of the firm took a huge beating. These allegations led to a mass exodus of traders, whose numbers dropped from 20 to fewer than five after the lawsuit.
AMBCrypto, in line with CoinGecko’s data, noted a dramatic drop in trading activity.
Before the legal action was taken, the exchange averaged daily volumes of more than $500,000,000. Since June, the volumes have languished in the range of $10 million – $30 million per day.
Source: CoinGecko
The legal tussle continues
Binance US and Changpeng Zhao were both charged by the SEC for violating U.S. securities law. The SEC also claimed that Binance.US had misappropriated assets of customers with an entity under CZ’s control.
The legal battle is still a hotly contested one. In a recently court filingThe SEC accused Binance US for not cooperating with the investigation into the assets of its clients.
It requested the court to take action in this case. Binance USA refuted these allegations and claimed that they were false. “above and beyond” The regulator’s obligations
How much is 1,10,100 BNBs worth today?
Binance leaves Nigeria
Binance has also been plagued by regulatory issues in other regions.
The trading platform has announced a major development. discontinuation Services in Nigerian Naira Naira (NGN) following an increase scrutiny The Nigerian government. Binance has effectively closed the door on a growing crypto market with this move.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com
