Cryptocurrency exchange Binance US is reportedly undergoing significant workforce reductions amidst its ongoing legal battle with the SEC. According to the latest report from Reuters, the US wing of the Binance exchange has fired dozens of employees. The report detailed that the US affiliate of Binance has laid off around 50 staff across a few divisions in the latest round of reducing its workforce, Reuters reported citing two anonymous sources.

This development comes as Binance US faces increasing pressure due to the SEC lawsuit. Binance has disputed all charges, labeling the SEC a politically motivated regulator seeking to claim jurisdictional control over cryptocurrencies. But the lawsuits have During a December deposition, Binance US COO Christopher Blodgett described the impacts of the ongoing SEC lawsuit on the company's operations as a near standstill.

The current situation highlights the challenges faced by Binance and the wider cryptocurrency market in navigating regulatory uncertainty in the United States. The Binance US fires employees amidst SEC lawsuit report raises questions about the future of the exchange and its ability to operate effectively in the US market. We will continue to update this story as more information becomes available.