As Binance contends with the Securities and Exchange Commission (SEC) lawsuit, top managers have begun leaving the cryptocurrency exchange.
With American authorities increasingly infringing on the rights of the blockchain industry, Binance CEO Changpeng Zhao is on the hunt for new personnel, according to Bloomberg.
Vice President Steven Christieand General Counsel Hong Ng are two of the more recent departures from the company.
Not only has Binance felt the heat from the US, but Europe and the Asia-Pacific region have also been cracking down on the cryptocurrency exchange.
In the second quarter of the year, trading volume on the Binance platform decreased by approximately 70%, with spot trading hitting its lowest level since the year began.
With Binance preoccupied, other crypto exchanges have taken advantage, successfully bringing onboard new users for the past three months.
