"Binance Faces Mass Layoffs Amidst DOJ Probe and SEC Lawsuit"

Crypto exchange Binance is reportedly planning to lay off 1,500 to 3,000 employees in response to an ongoing Justice Department probe, which may result in a consent decree or settlement. The probe, focusing on anti-money laundering violations and sanctions evasion charges, could fundamentally reshape the company and potentially lead to a multi-billion dollar payment. Binance has been facing regulatory challenges, including lawsuits from the SEC and CFTC, and has experienced significant outflows and executive departures. The company's spokesperson disputed the higher number of layoffs, stating that they are re-evaluating talent density and expertise in critical roles.