The departure comes as the company controlled by embattled digital entrepreneur Changpeng “CZ” Zhao is eliminating about one third of its workforce, or more than 100 positions, as a regulatory crackdown erodes its business. The exchange, which is formally called BAM Trading Services Inc., was started in 2019 for US users, who are prohibited from using Binance Holdings.
In March, the US Commodity Futures Trading Commission charged Binance and Zhao with “willful evasion of federal law.” The Justice Department is probing Binance as well; it hasn’t accused the company of any wrongdoing. Binance.US’s share of the global market has shrunken to about 0.6% from around 2.39% in April, according to Jacob Joseph, an analyst at researcher CCData. Monthly trading volume has fallen below early 2020 levels, he said.