Binance has quietly laid off 1,000 or more employees in recent weeks; may slash workforce by up to 30%
Binance, the leading cryptocurrency exchange, has reportedly laid off over 1,000 employees in recent weeks and may further reduce its workforce by up to 30%.
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The layoffs come as Binance faces regulatory and legal challenges in the United States and other jurisdictions. The exchange, which previously had around 8,000 employees globally, has been making cuts across various operations, with customer service roles being most affected. While Binance confirmed the layoffs, it did not disclose the exact number of positions cut. The move is seen as part of Binance's efforts to streamline its workforce and enhance talent density. The layoffs coincide with several high-profile executives stepping down from their roles, although it is unclear if they are directly connected to the layoffs. Additionally, Binance has withdrawn from multiple jurisdictions, primarily in Europe, due to regulatory difficulties and is focusing on preparing for the forthcoming Markets in Crypto Assets (MiCA) rules, which will establish a regulatory framework for the industry in the European Union.
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