Looks grim. I'm not so concerned about layoffs induced by economic conditions because those jobs are recoverable. Though, if they're reducing staff because of regulators targeting them, that's a different matter. U.S federal agencies have tentacles all over the world and it becomes outrageous how single agencies in one country can collapse entire companies (I suppose that's the SEC's goal here).

Even if companies are in foreign jurisdictions, any financial transactions that are facilitated through U.S. financial institutions immediately allow the U.S. government to have jurisdiction over those transactions. (NY has many banks that facilitate global transactions, so it usually falls in their jurisdiction on the federal level). The solution to this would be to cut out the U.S. market if Binance was concerned of being targeted, but then what happens to a business when they reject a lucrative market?


IMO, the U.S. is doing what they can to squash all crypto markets in preparation for their launch of CBDC's within the next 4-5 years. I knew regulation was coming, just didn't think it would be in the form of frivolous lawsuits. By the way, these lawsuits get expensive and take years to reach fruition. Perhaps the SEC might have a weak case against Binance, but the negative publicity will have its intended effect. We won't know unfortunately, all this stuff is sealed from public eye.