Binance Faces Employee Layoffs and Executive Resignations Amid Regulatory Pressure

Binance, the world's largest cryptocurrency exchange, has reportedly laid off dozens of employees amid increasing regulatory pressure. The company terminated employees last week, citing redundancy or providing no reason at all. Binance also plans to reduce its US-based workforce, with several top executives already departing. CEO Changpeng Zhao denies that the resignations are related to an ongoing investigation by the US Department of Justice (DOJ). Concerns about potential criminal charges and the CEO's refusal to step down have raised worries about the company's survival. Binance has faced scrutiny from the DOJ and the US Securities and Exchange Commission (SEC) for alleged violations of securities laws and misleading Congress.