Binance, the world’s leading crypto exchange, recently celebrated its 6th birthday on July 14. However, reports have surfaced that the exchange has dismissed 1,000 employees due to recent staff reorganization in response to regulatory pressure.
A source close to the exchange suggested that the crypto exchange could lay off up to a third of its workforce in the coming months. Prior to the layoffs, the Changpeng ‘CZ’ Zhao led company had an estimated 8,000 employees globally.
The news comes at a time when crypto companies have been facing the debilitating ‘crypto winter’. Many have been forced to reduce their headcount, including Wu Blockchain, who revealed in a May 31 tweet that Binance was among those companies looking to cut staff.
The early June lawsuit by the US Securities and Exchange Commission (SEC) added to the mounting regulatory pressure faced by Binance. The exchange has since exited Belgium, the Netherlands, and Austria, as well as faced scrutiny in France and Australia. The departures of top executives, including the exchange’s former Chief Strategy Officer Patrick Hillmann, have also been reported.
Despite the troubling times, Binance remains the world’s largest crypto exchange by trading volume.
