News Snapshot:
Cryptocurrency behemoth Binance has expanded the numbers of layoffs, with news today that its Binance Academy arm’s lead Nina Xiang has now been let go.
Binance Academy is one of the shining lights of the company, and is perhaps one of the best marketing tools the company has relied on for user growth. Binance Academy is the edutech part of the cryptocurrency company and is in traditional company methodology probably one of the most valuable parts of the company, if the crypto piece is removed.
Last week it was announced the Binance.US CEO Brian Shroder left the company. But Binance Academy is not part of Binance.US. Instead, the Academy part of the company is an arm of the global Binance operations based in Singapore.
Binance U.S. has been confronting heightened regulatory tension within the U.S. throughout this year. The firm found itself in legal troubles in June, as the Securities and Exchange Commission sued it, alleging violations of securities laws.
The parent company, Binance, is also under intense regulatory examination in the U.S. The Commodity Futures Trading Commission initiated a civil lawsuit in March against the exchange and its founder, Changpeng Zhao, accusing them of running a deliberately concealed business to exploit regulatory disparities. Additionally, the exchange is purportedly under investigation by the U.S. Department of Justice, which might bring forward fraud charges against it.
Adding to the company’s troubles, Mayur Kamat, Binance’s global head of product, departed from the firm last week, as reported by Reuters.
Binance Academy is composed of videos and articles covering everything from computer security to economics in 30 different languages. It’s unclear if Binance Academy will continue with the departure of Xiang and other members of the division.
