Reportedly Binance crypto exchange slashed nearly 1,000 employees from its business empire.
Binance is a top-level crypto exchange. This exchange provides crypto services globally. In the present time, the exchange is facing legal hurdles in several jurisdictions. In the recent month, the exchange pulled out its services from the Netherlands, Germany, Cyprus, Austria, and Belgium because of several reasons.
On 14 July 2023, The Wall Street Journal (WSJ) reported that Binance exchange laid off nearly 1,000 employees from its staff and it is expected that the exchange will continuously remove huge numbers of employees.
Binance exchange failed to inform about this matter officially but a Binance spokesperson confirmed that Binance reduced its workforce but failed to provide any kind of figures in this matter.
Some sources told the WSJ media that Binance exchange has nearly 8,000 employees globally & it will slash nearly ⅓ of the total employees.
According to a Binance representative, the Binance team is planning for the next crypto bull cycle so the exchange is looking to increase the number of talents in its business.
“This is not a case of rightsizing, but rather, re-evaluating whether we have the right talent and expertise in critical roles,” the spokesperson further added.
Around a week ago, a few media reports claimed that huge numbers of high-profile executives from Binance are stepping down from the exchange citing several charges against the Binance exchange in the US jurisdiction. On the same matter, Binance CEO Changpeng Zhao (CZ) dismissed all such reports and said that the exchange will continue to hire talents.
Recently Binance exchange failed to secure regulatory approval to establish its crypto business in some jurisdictions. Experts believe that exchange is facing legal pressure in other countries because of its legal hurdles in the US.