June 16 (Cointime) - Binance.US has reportedly laid off approximately 50 employees in its legal, compliance, and risk departments, according to sources. The company has not officially announced the staff cuts.

June 15 (Cointime) - Binance.US has experienced a decline in market share in the United States, reaching its lowest point in two years. According to crypto data tracker Kaiko, the exchange's market share in the country is now at 2.7%.

Binance.US, the American arm of Binance, has seen a significant drop in market depth and share following the U.S. Securities and Exchange Commission's legal action against Binance. Market makers and traders have left the exchange, causing liquidity to dry up and Bitcoin to trade at a premium of $234 on Binance.US compared to Coinbase.

Binance.US has filed its defense against the SEC's allegations ahead of its hearing on June 14. BAM Trading Services, which operates Binance.US, submitted its opposition to the SEC's motion for a temporary restraining order and asset freeze. Binance.US appealed to the SEC to allow BAM trading to conduct daily business activities, such as paying salaries, but the request was rejected.

Binance.US has requested a federal judge to reject the US SEC's demand to freeze its assets during a legal battle with the regulator. The cryptocurrency exchange's US arm has argued that freezing its assets would harm its business and customers.

Binance.US has filed a court document claiming that it has been cooperating with the Securities and Exchange Commission (SEC) investigation since December 2020. However, the SEC argues that the company has not provided satisfactory answers regarding the storage of customer assets.

Binance.US, the US-based subsidiary of cryptocurrency exchange Binance, has experienced a significant drop in liquidity as market makers and traders have reportedly left the exchange in large numbers.

Binance.US has argued that the Securities and Exchange Commission's (SEC) attempt to freeze its funds is an "unduly burdensome" move. The SEC sued Binance, Binance.US and Changpeng "CZ" Zhao last week on allegations that the companies operated as an unregistered securities exchange, broker and clearinghouse all in one.

Following the Securities and Exchange Commission's lawsuit against Binance.US and CEO Changpeng Zhao on June 5, the top 25 crypto assets in the US have experienced a 78% loss in market depth. This has caused market makers to exit Binance.US, resulting in a significant drop in liquidity and raising concerns about the exchange's future.

Binance.US has hired four lawyers, including former co-director of the SEC's enforcement division George Canellos, to fight the recent charges from the US Securities and Exchange Commission. Canellos is known for his experience in setting enforcement priorities and policies during his time at the SEC.