A Securities and Exchange Commission (SEC) lawsuit against the bitcoin exchange Binance worsened its position on the global market.
The company began to leave the top managers. In addition to the lawsuit, they were alerted by the policy of the U.S. authorities, which began to infringe on the interests of the blockchain industry.
Changpeng Zhao, chief executive officer of Binance, began looking for new people to take over, according to Bloomberg.
According to the agency, Vice President Stephen Christine and General Counsel Hong Ng recently resigned from the company. Binance faces regulatory pressure not only in the U.S. but also in European countries and the Asia-Pacific region.
The Binance platform recorded a trading decline of about 70% in the second quarter. The volume of spot transactions approached a year’s low. Weakening of Binance took advantage of other crypto-exchanges, which attracted new users in the last three months.