The Securities and Exchange Commission (SEC) lawsuit against the Binance bitcoin exchange has worsened its position in the global market.
Top managers began to leave the company. In addition to the lawsuit, they were alerted by the policy of the American authorities, who began to infringe on the interests of the blockchain industry.
In connection with the departure of a number of leaders, Binance CEO Changpeng Zhao began looking for new people, according to Bloomberg.
Vice President Stephen Christine and General Counsel Hong Ng recently left the company, according to the agency. Binance is facing regulatory pressure not only in the US, but also in European countries and the Asia-Pacific region.
In the second quarter, the Binance platform recorded a drop in trading of approximately 70%. The volume of spot transactions approached the annual minimum.
The weakening of Binance has been taken advantage of by other crypto exchanges that have attracted new users over the past three months.
