Binance has discreetly let go of over a thousand workers in recent weeks and might reduce its staff by as much as 30 percent
Before the layoffs started a few weeks ago, the exchange employed somewhere around 8,000 workers throughout the world.
As it faces regulatory and legal challenges in the U.S. and other countries, Binance has reportedly let off more than 1,000 employees in recent weeks, the Wall Street Journal said on July 14, citing a person familiar with the situation.
Before the layoffs started a few weeks ago, the exchange employed somewhere around 8,000 workers throughout the world. The publication cites unnamed sources saying layoffs might continue until a third of the exchange’s worldwide staff is gone.
The story claims that the exchange has made layoffs across the board in its many international divisions, but that the positions dealing with customers have been hit the hardest.
To stay agile and dynamic as we enter the next big bull cycle, it is now evident that we must place a premium on talent density across the organisation.
Multiple executives have recently left their positions at the exchange, coinciding with the layoffs. Whether or whether the high-profile exits were part of the larger layoffs is unknown.
WSJ stated at the time that they left because of concerns about criminal charges being brought against Binance and its founder Changpeng ‘CZ’ Zhao by the United States Department of Justice. The media has been criticised for what CZ and one of the executives have called “fear-mongering.”
In recent weeks, Binance has been forced to withdraw from many countries, particularly in Europe, since it was unable to get the necessary licences and permits. It is also facing regulatory and legal challenges in the United States.
The exchange has lately reevaluated its staff after encountering trouble with authorities. Until recently, the exchange’s activities were vast and widespread around the world.
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