For 3 weeks in a row, Binance has made headlines with its hiring selections and layoff rumors. 

First, Binance, beset by an SEC investigation, promoted Richard Teng to be its head of regional markets in late Might. On the identical time, it batted away studies of impending workers cuts

Then, the world’s largest crypto alternate employed Rachel Conlan from OKX to function vice chairman of worldwide advertising. 

Now this week, Binance.US has confirmed to Blockworks that layoffs are imminent, although it didn’t specify what number of jobs it expects to chop.

Reuters reported {that a} supply accustomed to the American firm’s plans stated 50 individuals have been laid off. Blockworks hasn’t been capable of independently confirm this declare, and Binance.US didn’t instantly reply to a request for remark.

The layoffs come after BAM Administration and BAM Buying and selling — the businesses that handle Binance.US — have been sued by the SEC. And in response to that go well with, Binance.US employed George Canellos as counsel

Canellos is a associate at worldwide legislation agency Milbank and likewise served because the SEC’s co-director of enforcement from 2009 to 2014. Whereas there, he participated in investigations that fined various huge banks $570 million for deceptive traders about residential mortgage-backed securities.

Canellos has additionally represented a number of executives and firms in SEC circumstances, in response to Milbank’s web site, priceless expertise for which Binance.US was doubtless trying.

Menlo Ventures faucets Amy Wu as NYC associate

Amy Wu, who headed FTX Ventures earlier than the corporate’s collapse, is shifting away from crypto and has taken on a place at Menlo Ventures.

Menlo Ventures is predicated within the San Francisco Bay Space and invests in startups targeted on shopper merchandise, healthcare, and different areas. Wu will grow to be a New York associate within the agency and can relocate to the town from the Bahamas — the place she was based mostly whereas working for FTX.

Axios reported that whereas investing in “blockchain” can be a part of Wu’s job, there’s no cause to anticipate “overzealous investing.”

Fellow Menlo Ventures associate Shawn Carolan stated that the corporate is “undoubtedly” not going to have interaction in “cryptocurrency hypothesis” or something resembling that.

Different notable hires

  • Crypto enterprise capital agency Eden Block introduced on 20-year Goldman Sachs veteran Orit Freedman Weissman as a associate. 
  • Public, an investing platform with assist for crypto, employed Prashant Yerramalli as vice chairman of operations and regulatory affairs, who was previously SEC Chair Gary Gensler’s chief of workers. 
  • Taxbit, a crypto tax software program startup, slashed 40% of its workforce amounting to 80 staff, the Data reported days in the past.
  • IOG, chargeable for creating Cardano, has laid off various staff in a bid to restructure the corporate.

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