- Binance has fired 1,000 employees, according to the Wall Street Journal.
- Further layoffs occurred this week, primarily affecting customer service.
- Prior to the recent downsizing, Binance boasted a global workforce of 8,000 employees.
Binance, the largest crypto exchange in the world, is making substantial workforce reductions amidst a crackdown by US regulators, as reported by the Wall Street Journal (WSJ).
Read CRYPTONEWSLAND on
google news
An anonymous source familiar with the matter revealed to WSJ that over 1,000 employees have been terminated in recent weeks, with the ongoing process potentially resulting in Binance losing more than a third of its workforce.
Former employees disclosed that further layoffs occurred this week, primarily affecting customer-service personnel. These cuts were not confined to a specific region and included around 36 customer-service employees in India. Although reports of layoffs and resignations were previously acknowledged, the extent of the reductions had remained unclear until now.
A spokesperson from Binance confirmed the layoffs while refraining from disclosing the exact number of employees affected. The spokesperson emphasized the company’s focus on talent density and the need to ensure agility and dynamism for the upcoming bullish market cycle. They clarified that the staff reduction was not merely a matter of downsizing but rather a reassessment of the talent and expertise required for critical roles.
Prior to the recent downsizing, Binance boasted a global workforce of 8,000 employees. These workforce reductions are seen as a response to regulatory pressures faced by the company in the United States.
Meanwhile, the crypto market is having a pullback one day after a staggering surge, thanks to XRP being established as a non-security. So far, most blue chip cryptocurrencies are back to their critical support level while XRP continues to enjoy a 50% price gain.
Read Also :
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
