Cryptocurrency exchange Binance has laid off more than 1,000 people in recent weeks in a continuing exercise that could result in the exchange losing more than a third of its staff, the Wall Street Journal reported on Friday, citing a person familiar with the moves.
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Last week, a string of executives also quit Binance, which included its Chief Strategy Officer Patrick Hillmann.
U.S. regulators last month sued the crypto exchange and its CEO Changpeng Zhao for allegedly operating a “web of deception.” Binance has said it would defend itself “vigorously.”
More employees were laid off this week, according to former employees, who said customer-service workers were heavily affected. The cuts were global, including about three dozen customer-service employees in India, the report added.
“Over the last six years, we have grown from 30 to a team of almost 8,000 across the globe. 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,” a spokesperson for Binance said.
Last week, a string of executives quit Binance, which included its Chief Strategy Officer Patrick Hillmann.