The Wall Street Journal reveals that Binance has reportedly laid off over a thousand people in recent weeks, with the latest wave of layoffs having been made this week. The news has come as the cryptocurrency exchange has pulled out of several countries around the world lately and is facing numerous investigations in the United States.
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Binance lays off over 1,000 people
According to exclusive information from the Wall Street Journal, Binance has laid off over 1,000 people in recent weeks, as his worries about the world’s largest cryptocurrency exchange continue. Indeed, over the last 6 months, Binance has been placed under investigation in the United States, Canada, France, Australia and Belgium.
A certain turnover within the platform had been mentioned at the beginning of the month, in particular concerning key positions in the exchange. We learned to this effect that the general counsel, the head of strategy and Matthew Price, hired to oversee the investigations surrounding Binance, had decided to abandon ship. According to the sources cited at that time, some departures followed the United States Department of Justice investigation surrounding the exchange.
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The latest wave of layoffs was reportedly brought this week, a priori mainly affecting the branch dedicated to Binance customer service. The latter would have been operated all around the world, with around forty layoffs in India alone. Asked by the Wall Street Journal, a Binance spokesperson confirmed the layoffs without specifying the number:
“As we prepare for the next big up cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic. This is not a downsizing, but rather a reassessment of our ability to have the talent and expertise needed in critical functions. »
As a result of the investigation by the United States Department of Justice, Binance.US is gradually withdrawing from the American market. Binance has also relocated or laid off around 150 employees recently on American soil.the DOJ having accused him of mixing his 2 platforms when they are supposed to be quite distinct.
The source who reported the number of layoffs to the Wall Street Journal said the exchange could part with a third of its staff. Following the news, the price of BTC started to fall again, now trading at $30,200 after touching above $31,600 following the news about Ripple.
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Source: Wall Street Journal
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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