[NYPOST] Cryptocurrency exchange Binance has cut jobs just days after it was hit by a wave of executive exits, a source familiar with the matter told Rooters on Friday.The layoffs at the world’s biggest crypto exchange come at a time when the industry’s future in the US market is uncertain, with regulators aggressively clamping down on what they deem are illegal activities.
Last month, the Securities and Exchange Commission sued Binance and its CEO Changpeng Zhao for allegedly operating a "web of deception." Binance has said it would defend itself "vigorously."
The lawsuits against Binance and peer Coinbase Global underpin SEC Chair Gary Gensler’s tough approach towards the industry, but a US judge recently siding with crypto firm Ripple Labs highlights that the regulator is facing an uphill battle.
Applications for spot bitcoin exchange-traded funds from asset management giants BlackRock and Fidelity have also been viewed as a vote of confidence for the industry.