Shroder is, of course, referring to the recent lawsuit from the SEC as well as a lawsuit from the CFTC that was filed in March.
Binance US cuts staff following SEC lawsuit
The US arm of Binance has cut around 50 positions, amounting to approximately 10% of its US employees. In a message to employees, Binance.US CEO Brian Shroder explained, "Because of our preparation for a prolonged and very costly legal battle, the Board asked Management to right-size our organization and reduce our burn rate to ensure long-term viability".