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Fortune
Fortune
Ben Weiss

Binance’s U.S. subsidiary lays off about 50 employees, cites ‘costly litigation process’

Binance Changpeng Zhao SEC United States Binancecom
Changpeng Zhao speaks virtually during a conference in Hong Kong. (Credit: Anthony Kwan—Bloomberg/Getty Images)

Binance.US, a reportedly independent subsidiary of crypto giant Binance, began a round of layoffs a little more than one week after the Securities and Exchange Commission sued the exchange and its founder, Changpeng Zhao.

There were approximately 50 people included in the cull, a source with knowledge of the dismissals told Reuters.

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