Binance is cutting 1,000 jobs amid legal battles and regulatory scrutiny
As the crypto world faces a slowdown in layoffs relative to the beginning of this year, a new woe besets the 'crypto-scape', as Binance, the world's biggest crypto exchange continues to face an uphill battle amidst its U.S. legal trial.
In recent weeks, the crypto exchange has now let go about 1,000 people in what it calls "involuntary terminations", according to the Wall Street Journal, after a number of executives including Patrick Hillmann, its Chief Strategy Officer exited the company.
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Speculation also is rife that more staff terminations could be imminent, with reports suggesting up to 1,500 to 3,000 employees worldwide could be affected including the 1,000 already let go, by the end of the year. Despite the challenges, CEO Changpeng Zhao has pointed out that Binance has come a long way, growing from a team of 30 to nearly 8,000 employees across the globe in just six years.
Still the largest crypto exchange with a market value of $3.97 billion, the company now faces turbulent times ahead, navigating the legal battles and workforce adjustments in its quest for stability and success.
