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Crypto Exchange Binance Lays Off More Than 1,000 Staff

Embattled cryptocurrency exchange Binance has let go more than 1,000 staff days after several senior executives announced they were departing the company.

The layoffs at the world's biggest crypto exchange come as the U.S. Securities and Exchange Commission (SEC) cracks down on digital coins and tokens, which it says are unregulated securities.

The exact number of employee terminations is not known at privately held Binance. However, several media outlets are reporting that more than 1,000 people have been let go. Last week, a string of executives quit Binance, including its chief strategy officer.

"As we continuously strive to increase talent density, there are involuntary terminations. This happens in every company," said Binance’s Canadian chief executive officer (CEO) Changpeng Zhao (CZ) on Twitter.

In June, the SEC sued Binance and Zhao for allegedly operating a “web of deception.” Binance has said it will vigorously defend itself in court.

A U.S. judge recently sided with crypto firm Ripple Labs in a dispute with the SEC, highlighting that the regulator is facing an uphill battle with its legal challenges to cryptocurrencies.

Recent applications for spot Bitcoin (BTC) exchange-traded funds (ETFs) from asset management giants BlackRock (BLK) and Fidelity have also been viewed as a vote of confidence in the crypto industry.

Bitcoin, the largest cryptocurrency by market capitalization, is up more than 80% this year and currently trading at more than $30,000 U.S.