Cryptocurrency exchange Binance has allegedly initiated job cuts in the wake of a series of executive resignations. The Wall Street Journal initially reported the layoffs, stating that over 1,000 employees have been let go in recent weeks, potentially resulting in a reduction of more than one-third of the exchange’s workforce. A source familiar with the matter later confirmed the job cuts to Reuters.
Binance CEO Responds to Reports and Affirms Hiring Efforts
In response to the reports, Binance CEO Changpeng Zhao took to Twitter to address the situation. He stated that while there have been involuntary terminations as part of the company’s ongoing efforts to increase talent density, the numbers reported by the media are incorrect. Zhao emphasized that the exchange is still actively hiring despite the job cuts.
Binance Faces SEC Lawsuit and Executive Resignations
The platform has been under scrutiny recently, as the Securities and Exchange Commission (SEC) filed a lawsuit against the exchange and CEO Changpeng Zhao, accusing them of operating a “web of deception.” The platform has vowed to vigorously defend itself against the allegations. The exchange has also witnessed a series of executive departures, including Chief Strategy Officer Patrick Hillmann.
Supports Regulatory Framework for Cryptocurrencies
Amidst regulatory discussions surrounding cryptocurrencies, Jareck Jakubcek, Head of Law Enforcement at Binance APAC, expressed the exchange’s support for clearer rules and regulations. He stated that Binance welcomes opportunities to engage with regulators and believes that a defined regulatory framework is a positive step in the right direction. Jakubcek highlighted the Indian government’s efforts to establish a clear regulatory framework for crypto companies, which has enabled Binance to collaborate with regulators like the Indian Directorate of Enforcement (ED) in various investigations.
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