Binance releases over 1000 employees and gets into regulatory difficulties

Binance releases over 1000 employees and gets into regulatory difficulties

The crypto sector is currently experiencing some changes and developments that can have both positive and negative effects. One of these developments concerns the world's largest crypto tour Binance, which has released over 1,000 employees in the past few weeks. This corresponds to more than a third of the workforce. Some high -ranking managers also left the company. US authorities accuse Binance and their CEO Changpeng Zhao that they have built up a "network of deception". Binance has announced that they defend themselves against these allegations. Binance's chief strategist, Patrick Hillmann, also quit his job. He said he left the company in agreement and respect and continue to support the founder and CEO Changpeng Zhao.

Despite the negative news, the course of the digital currency Bitcoin has experienced an upswing, which is due to speculation about the possible approval of Bitcoin funds in the USA. The course rose to the highest level for a year and was temporarily over $ 31,500. In the past few weeks, the Bitcoin course has been supported by the growing interest. The asset manager Blackrock has submitted an application for approval of a Bitcoin ETF, which further fueled speculation.

Another event affects the FTX crypto tour, which is in the middle of an insolvency proceedings and plans to get back into cryptocurrency trade. Talks with potential partners about a restart of the FTX.com website are already running. FTX was once one of the leading trading places for Bitcoin and other cryptocurrencies, but slipped into bankruptcy last November. The founder and then head of the company must be responsible for fraud in court.

The news about the Bitcoin course and the developments at Binance and FTX also have an impact on other cryptocurrencies. The Bitcoin now accounts for almost half of the entire market capitalization of cryptocurrencies. The second largest cryptocurrency ether also increased.

On the other hand, there are also negative developments in the crypto sector. The Bitcoin course has dropped to a three-month low and has thus pulled stocks from the cryptocurrency sector down. Hamburger Sutor Bank has decided to cancel the planned partial sale to the crypto company BCB Group, and the tax investigators check data from crypto trading platforms to check whether the users have correctly taxed their profits.

All in all, the crypto sector is currently moving in both directions. While there are positive developments such as the increase in Bitcoin course, there are also negative news such as the layoffs at Binance and the complaints against various companies. It remains to be seen how the sector will develop and what effects this will have on the digital currencies.