For three weeks in a row, Binance has made headlines with its hiring decisions and layoff rumors.
First, Binance, hounded by an SEC investigation, promoted to Richard Teng to be your head of regional markets at the end of May. At the same time, rejected reports of impending staff cuts.
Then the world's largest cryptocurrency exchange hired Rachel Conlan from OKX to serve as Vice President of Global Marketing.
Now this week, Binance.US has confirmed to Blockworks that layoffs are imminentalthough he did not specify how many jobs he expects to eliminate.
Reuters reported that a source familiar with the US company's plans said 50 people were laid off. Blockworks has not been able to independently verify this claim and Binance.US did not immediately respond to a request for comment.
The layoffs come after BAM Management and BAM Trading, the companies that run Binance.US, were sued by the SEC. And in response to that suit, Binance.US Hired George Canellos as Attorney.
Canellos is a partner at the international law firm Milbank and also served as co-head of SEC compliance from 2009 to 2014. While there, he was involved in investigations that fined several large banks $570 million for misleading investors about backed securities. for residential mortgages. .
Canellos has also represented multiple executives and companies in SEC cases, according to Milbank's websitevaluable experience that Binance.US was probably looking for.
Menlo Ventures Selects Amy Wu as New York Partner
Amy Wu, who ran FTX Ventures before the company collapsed, is moving away from cryptocurrency and has taken a position at Menlo Ventures.
Menlo Ventures is based in the San Francisco Bay Area and invests in startups focused on consumer products, healthcare and other areas. Wu will become a partner at the firm in New York, moving to the city from the Bahamas, where she worked for FTX.
Axios reported that while investing in "blockchain" will be part of Wu's job, there is no reason to expect "overzealous investment."
Menlo Ventures partner Shawn Carolan said the company will "definitely" not engage in "cryptocurrency speculation" or anything like that.
Other notable hires
- Crypto venture capital firm Eden Block provoked Orit Freedman Weissman, a 20-year veteran of Goldman Sachs, as a partner.
- Public, an investment platform with support for cryptography, hired Prashant Yerramalli as vice president of operations and regulatory affairs, who was previously chief of staff to SEC Chairman Gary Gensler.
- Taxbit, a crypto tax software startup, cut 40% of its workforce which totals 80 employees, the information reported days ago.
- IOG, responsible for the development of Cardano, has fired a number of employees in an attempt to restructure the company.
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