Last November, the US Department of Justice and the Binance exchange entered into a deal that the platform would leave the American market, restrict access to American users and pay a fine of $4.3 billion. To fulfill the terms of this deal, Binance management sent requests to the largest brokerage firms .
As reported by Bloomberg, citing anonymous sources, Binance has requested that brokerage firms require more information from clients before being allowed to trade on the exchange.
Brokerage firms must verify the addresses of the offices from which employees trade and the location of the founders of the broker's clients. The site also requests signed statements from clients stating that the information provided is correct. Requests were sent, among others, to brokerage firms FalconX and Hidden Road, which target institutions.
In early March, it was reported that the American division of Binance.US had laid off about 200 employees, representing 75% of its workforce.
Source: Bits
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