Binance Cuts Jobs Amid Regulatory Hurdles
One of the biggest cryptocurrency exchanges in the world, Binance, is said to have fired over 1,000 staff members recently, drastically reducing its global workforce and casting doubt on the exchange’s long-term viability.
According to a source familiar with the situation, the ongoing layoffs could cause Binance to lose more than a third of its workforce. Numerous departments, including customer service, have been affected by the cuts, especially in India, where about three dozen workers were let go. This information coincides with a number of regulatory actions taken by US authorities against the company.
The Wall Street Journal reported that while layoffs and resignations have been occurring internationally, including in the United States, the full scope of the reductions was not previously known. The layoffs were confirmed by a Binance spokesperson, who did not provide the precise number.
(With inputs from Shikha Singh)
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