Binance Fires 1,000 Employees Amid Continuing Regulatory Pressure

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).

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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.

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Jesus Dawal

Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.