Binance reportedly lays off 1,000 employees:WSJ

• Binance reportedly laid off about 1,000 employees recently.
• The report, citing sources close to the exchange, was released at a time when Binance was battling regulatory pressure.
• The major cryptocurrency exchange celebrated its sixth anniversary on July 14th.

Binance, the world’s largest cryptocurrency exchange by trading volume, has reportedly cut 1,000 employees in recent weeks.

wall street journal report On Friday, Binance said it could lay off more employees in the coming months amid a staff restructuring, citing sources familiar with the matter. Crypto firms could lay off up to a third of their workforce, according to the report.

Today, July 14, 2023, Binance celebrated its 6th anniversary since the service started.

6 years ago today, there was a small exchange @Binance has been released. Everyone said there was no chance of exchanging anymore. Here are some reflections from the last few years. Thank you for your continued support!
https://t.co/9O4UnE3G36

CZ Binance (@cz_binance) July 14, 2023

Binance Employee Layoffs

Multiple crypto companies and mainstream companies have been aggressively laying off staff over the past year or so, and the crypto winter’s decline has exacerbated the crypto landscape. As Wu Blockchain revealed on his May 31st, Binance was one of the companies eyeing job cuts. Tweet.

The company, led by Changpeng ‘CZ’ Zhao, had an estimated 8,000 employees worldwide before the expected layoffs took place. The report highlights plans to send 20% of employees home.

Binance is still the world’s largest cryptocurrency exchange by trading volume. However, the past month has been tough for the company in terms of the myriad of regulatory challenges it faced.

The lawsuit by the U.S. Securities and Exchange Commission (SEC) in early June came after the exchange pulled out of many countries for regulatory reasons. This includes Belgium and the Netherlands, and the pursuit of a license in Austria has been dropped. Meanwhile, it has come under intense scrutiny in France and more recently in Australia.

There were also senior executive departures, including the exchange’s former chief strategy officer Patrick Hillman.