The U.S. Securities and Exchange Commission’s lawsuit against Binance.US last June had forced the company to cut over 200 employees, or two-thirds of its staff, after a 75% decline in revenue, a Binance.US executive said, according to a new court document released on Tuesday.

“Our trading volumes and business more generally have imploded,” said Binance.US COO Christopher Blodgett during a December deposition released Tuesday. He also noted that there was “no actual wrongdoing” involved with Binance.US.

In the court document, Blodgett said that around $1 billion in crypto and fiat assets left the platform immediately following the SEC’s temporary restraining order, resulting in a revenue drop of more than 75% in the subsequent period. Beyond the short-term aftermath, the Binance …