SEC’s lawsuit against Binance takes a toll on its business, revenues and trust!

Binance US had to reportedly cut more than 200 jobs last year after it had a ‘near-mortal blow’ when a Securities and Exchange Commission (SEC) lawsuit accused it of offering unregistered securities. Due to the lawsuit, the company has seen a 75% dip in its revenue.

The exchange which previously had 20 market makers, now has fewer than 5. The COO of Binance admitted that SEC’s near mortal blow has had its trading volume, Institutional trust and business imploded. Banks also have backed out. Binance has also faced an issue previously with Uzbekistan and Nigeria over payment of fines.