Binance.US downsizes staff amid SEC lawsuit.

Binance's US affiliate, Binance.US, has reportedly laid off staff following charges by the SEC for violating securities laws and an asset freeze request. The number of employees affected is unknown, but sources say that legal, compliance, and risk departments were among those dismissed. Binance.US CEO Brian Shroder wrote to employees that the layoffs were necessary to reduce the company's burn rate and ensure long-term viability. Binance.US has also announced plans to become a "crypto-only exchange" after its banking partners prepare to stop dollar withdrawals due to the SEC's "increasingly aggressive tactics."