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The Securities and Exchange Commission (SEC) sued Binance and CEO Changpeng Zhao in June for allegedly operating a "web of decep.tion," listing 13 charges
Binance's legal troubles are mounting, and recent reports suggest the company is reducing its workforce in the thousands days after a string of executive exits.
The job cuts were first reported by the Wall Street Journal, which said more than 1,000 people had been let go in recent weeks.
Bitcoin value suffered more than 2.7 per cent loss after the Binance layoff news. As per the WSJ's report, Binance could let go of up to one-third of its workforce, which was nearly 8,000 prior to the start of layoffs. �� Bitcoin Prices Crashes Over Reports of Cryptocurrency Exchange Binance Laying Off 1,000 Employees.