Binance has cut over 1,000 jobs in recent weeks as regulators ramp up their scrutiny of the troubled cryptocurrency exchange. The ongoing layoffs could result in a loss of more than a third of its staff, according to an insider cited by the Wall Street Journal. According to the WSJ, the global layoffs heavily impacted customer-service employees at Binance, the largest crypto exchange by trading volume. - A spokesperson has since confirmed the job cuts and said the firm is focused on "talent density" as it prepares for the next major bull cycle.
- Prior to the layoffs, Binance employed 8,000 people worldwide.
Over the past several months, Binance has faced growing regulatory scrutiny globally, including in the U.S., Australia, France, and Belgium. - Last month, the SEC sued Binance and its co-founder CEO Changpeng Zhao, accusing the exchange of commingling customer funds, misleading investors, and engaging in manipulative trading.
- In recent weeks, several senior executives have left, including chief strategy officer Patrick Hillmann, compliance SVP Steven Christie, and general counsel Hon Ng.
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