Layoffs: Binance lays off Over 1000

WhatsAppWhatsAppFacebookFacebookTwitterTwitterPinterestPinterestRedditRedditGmailGmailShareShare

Over 1,000 employees of the cryptocurrency company Binance are said to have lost their jobs in recent weeks as a result of federal investigations and regulatory crackdowns in the US.  

According to a person familiar with the actions, the Wall Street Journal reported on Saturday that the global cuts affected about thirty customer-service employees in India.

The company Binance could lose a third of its workforce due to the layoffs.

A Binance spokesman who declined to provide the publication with a specific number regarding the layoffs confirmed the development to them.

It has become obvious that we must concentrate on talent density across the organization as we get ready for the next significant bull cycle if we want to stay agile and dynamic. This is not a right-sizing situation, but rather a re-evaluation of whether we have the necessary talent and knowledge in critical positions, the executive said.

Several executives left Binance last week, including the chief strategy officer, general counsel, and head of investigations.

Keep Reading

Before the layoffs, Binance had 8,000 employees worldwide.

According to former employees quoted in the report, more layoffs occurred this week, with customer-service employees reporting the greatest impact.

The layoffs follow concerns that the Justice Department will take legal action against the cryptocurrency exchange and its CEO, Changpeng Zhao, as they deal with serious accusations that they ran a “web of deception” from the authorities.

The BNB crypto tokens and Binance-linked BUSD stablecoins were offered to the public as unregistered securities in June, according to the US Securities and Exchange Commission’s lawsuit against the exchange and its CEO.

The lawsuit also accused Binance of mixing up customer funds and violating securities laws with its staking service. It suggested that Zhao had hidden control over Binance.US, with a Zhao-owned company inflating the trading volume on the platform.

Binance vehemently denied all of the accusations and vowed to defend itself.

About Right Sider

Right sider is a passionate writer who has traveled extensively around the world, learning about the history of all the regions and walking the paths of his characters.

Tags: Binance
Right Sider

Right sider is a passionate writer who has traveled extensively around the world, learning about the history of all the regions and walking the paths of his characters.

Recent Posts

HMRC Uncovers GBP 7.4M in Unpaid Wages – Thousands of UK Workers to Benefit

In a significant act of protecting workers' rights, HM Revenue and Customs (HMRC) have identified over GBP 7.4 million of…

May 30, 2025

P11D Deadline Approaching: What Employers Must Do Before July 6 to Avoid Fines

With a deadline of July 6, employers in the UK are being reminded of their employee benefits reporting obligations or…

May 30, 2025

15th Wage Revision: 6% Basic Pay Hike and Benefits for 1.09 Lakh TN Transport Staff – Know the Details

The government of Tamil Nadu has officially signed the 15th wage revision deal for the 1,09,787 employees of all eight…

May 30, 2025

$5,000 Deal: Smugglers’ Plot to Transport Migrants to San Antonio Uncovered

In a recent case illustrating ongoing challenges in border security, two young men from Brownfield, Texas, pleaded guilty to conspiring…

May 30, 2025

UK Government Unveils Pension Reform: Workers Could Gain GBP 6,000 Boost by 2030

The United Kingdom government has declared considerable reform on pensions that could boost retirement savings of workers by GBP 6,000…

May 29, 2025

Japan to Hire 100,000 Bangladeshi Workers by 2029: A New Horizon for Job Seekers

Japan plans to hire at least 100,000 workers from Bangladesh in the next five years to combat labour shortages. The…

May 29, 2025