Binance Lays Off Over 1,000 Employees Globally, Including 36 In India According to a news report, the cryptocurrency exchange had a global staff of 8,000 before the layoffs
By S Shanthi •
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Crypto Exchange Binance has reportedly laid off 1,000 people as part of its cost-cutting drive. Wall Street Journal, quoting former employees, reported that the worst affected were customer-service workers. The cuts were global, including about three dozen customer-service employees in India, said the report. It also said that the cryptocurrency exchange had a global staff of 8,000 before the layoffs.
"As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic. This is not a case of rightsizing, but rather, re-evaluating whether we have the right talent and expertise in critical roles," a Binance spokesman told WSJ.
Ironically, the company celebrated its six-year anniversary on Friday. "Today we celebrate 6 years of #Binance! Thank you for your extraordinary support over the last 6 years and we can't wait for what lies ahead," it tweeted.
The global cryptocurrency exchange has also been in the midst of a regulatory tussle. On June 5, 2023, the United States Securities and Exchange Commission announced that it was filing 13 charges against Binance and CZ, including secretly allowing high-value U.S. customers to continue trading on the platform and exercising control over customer assets.
"Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law," said Gary Gensler, SEC Chair.
On June 9, 2023, the Securities and Exchange Commission Nigeria released a circular on Binance Nigeria Limited and ordered an immediate stop to operations. Recently, the company also saw many high-profile employees quit including the company's Chief Strategy Officer (CSO) Patrick Hillmann, its general counsel, chief strategy officer and head of investigations.
