Cryptocurrency exchange Binance has cut jobs just days after being hit by a wave of executive departures, a source accustomed to the matter told Reuters on Friday.
The layoffs on the world’s largest cryptocurrency exchange come at a time when the industry’s future within the US market is uncertain and regulators are aggressively restricting activities they consider illegal.
Last month, the Securities and Exchange Commission sued Binance and its CEO Changpeng Zhao for allegedly running a “scam network.” Binance said it’s going to defend itself “vigorously”.
The lawsuits against Binance and Coinbase Global underpin SEC Chairman Gary Gensler’s tough approach to the industry, but a U.S. judge who recently sided with crypto firm Ripple Labs emphasizes that the regulator faces a troublesome battle.
Applications for spot bitcoin exchange funds from asset management giants BlackRock and Fidelity were also seen as a vote of confidence for the industry.
![Binance founder Changpeng Zhao](https://nypost.com/wp-content/uploads/sites/2/2023/07/NYPICHPDPICT000012253333.jpg?w=1024)
![Binance logo](https://nypost.com/wp-content/uploads/sites/2/2023/07/NYPICHPDPICT000012777292.jpg?w=1024)
“Over the past six years, we have grown from 30 to just about 8,000 teams worldwide. As we prepare for the subsequent major bull cycle, it has turn into clear that we’d like to concentrate on talent density across the organization to remain agile and dynamic,” said a Binance spokesperson.
The layoffs were the primary reports the Wall Street Journalwho said greater than 1,000 people had been made redundant in recent weeks.
A lot of executives left Binance last week, including its Chief Strategy Officer Patrick Hillmann.