Binance reportedly laid off more than 1,000 employees in recent weeks, further reducing its global workforce by 8,000 people. The Wall Street Journal (WSJ) reported the massive withdrawal today (Friday), citing a privileged source.
Former employees told the WSJ that more staff across the exchange
Exchange
A stock exchange is known as a market that supports the trading of derivatives, commodities, securities, and other financial instruments. Typically, a stock exchange can be accessed through a digital platform or sometimes at a tangible address where investors arrange to transact. One of the primary responsibilities of an exchange would be to maintain honest and fair trading practices. These are essential to ensure that the distribution of supported security rates on this exchange is effective.
A stock exchange is known as a market that supports the trading of derivatives, commodities, securities, and other financial instruments. Typically, a stock exchange can be accessed through a digital platform or sometimes at a tangible address where investors arrange to transact. One of the primary responsibilities of an exchange would be to maintain honest and fair trading practices. These are essential to ensure that the distribution of supported security rates on this exchange is effective.
Read this termGlobal markets have been laid off this week, with customer service employees primarily affected. In India alone, around 40 employees in this category have been laid off, the outlet said.
The downsizing comes as regulatory pressure continues to mount on the stock exchange, which recently suffered an exodus of senior executives. Already, around 50 employees working for the stock exchange’s so-called independent US subsidiary have been laid off.
However, earlier this month, Binance CEO Changpeng ‘CZ’ Zhao, while reacting to the departure of former Chief Strategy Officer Patrick Hillmann and other key executives, dismissed speculation about the issues. to the stock exchange, noting that “there is turnover in every company.
4. No more FUD on some departures. Yes, there is turnover (in every company). But the reasons imagined by the “news” are completely false.
As an organization that grew from 30 to 8000 people in 6 years, from 0 to the largest crypto exchange in the world in less than 5 months…
— CZ 🔶 Binance (@cz_binance) July 6, 2023
Previously, Hillman dismissed reports in May that Binance was cutting its workforce by 20% as part of a “cost-cutting measure,” suggesting that the exchange was simply carrying out its regular “commodity density audit” exercise. talent and resource allocation”.
Let me provide some additional clarification via 🧵.
Binance does not cut 20% of employees as a cost reduction measure. @binance has grown exponentially over the past 5 years — and has grown its staff accordingly. It was a historic operational challenge to overcome. https://t.co/Awmh8PdT8j
—Patrick Hillmann (@PRHillmann) May 31, 2023
More problems for Binance
Currently, Binance is defending itself against charges filed by the United States Securities and Exchange Commission (SEC) in early June. The regulator alleges the exchange operated unregistered trading platforms and misused customer funds. On the other hand, the crypto exchange is worried about possible charges from the US Department of Justice, WSJ reported.
Over the past month, Binance has suffered several setbacks: it was expelled from Belgium, was denied a license in the Netherlands and Germany, and lost its euro banking partner. Additionally, the swap is under investigation in France, with a lawmaker pushing for a congressional investigation into the company’s representative in Brazil.
However, despite these challenges, Binance recently launched in Kazakhstan, marking its first presence in the Central Asian sub-region.
Binance reportedly laid off more than 1,000 employees in recent weeks, further reducing its global workforce by 8,000 people. The Wall Street Journal (WSJ) reported the massive withdrawal today (Friday), citing a privileged source.
Former employees told the WSJ that more staff across the exchange
Exchange
A stock exchange is known as a market that supports the trading of derivatives, commodities, securities, and other financial instruments. Typically, a stock exchange is accessible through a digital platform or sometimes at a tangible address where investors arrange to transact. One of the primary responsibilities of an exchange would be to maintain honest and fair trading practices. These are essential to ensure that the distribution of supported security rates on this exchange is effective.
A stock exchange is known as a market that supports the trading of derivatives, commodities, securities, and other financial instruments. Typically, a stock exchange is accessible through a digital platform or sometimes at a tangible address where investors arrange to transact. One of the primary responsibilities of an exchange would be to maintain honest and fair trading practices. These are essential to ensure that the distribution of supported security rates on this exchange is effective.
Read this termGlobal markets have been laid off this week, with customer service employees primarily affected. In India alone, around 40 employees in this category have been laid off, the outlet said.
The downsizing comes as regulatory pressure continues to mount on the stock exchange, which recently suffered an exodus of senior executives. Already, around 50 employees working for the stock exchange’s so-called independent US subsidiary have been laid off.
However, earlier this month, Binance CEO Changpeng ‘CZ’ Zhao, while reacting to the departure of former Chief Strategy Officer Patrick Hillmann and other key executives, dismissed speculation about the issues. to the stock exchange, noting that “there is turnover in every company.
4. No more FUD on some departures. Yes, there is turnover (in every company). But the reasons imagined by the “news” are completely false.
As an organization that grew from 30 to 8000 people in 6 years, from 0 to the largest crypto exchange in the world in less than 5 months…
— CZ 🔶 Binance (@cz_binance) July 6, 2023
Previously, Hillman dismissed reports in May that Binance was cutting its workforce by 20% as part of a “cost-cutting measure,” suggesting that the exchange was simply carrying out its regular “commodity density audit” exercise. talent and resource allocation”.
Let me provide some additional clarification via 🧵.
Binance does not cut 20% of employees as a cost reduction measure. @binance has grown exponentially over the past 5 years — and has grown its staff accordingly. It was a historic operational challenge to overcome. https://t.co/Awmh8PdT8j
—Patrick Hillmann (@PRHillmann) May 31, 2023
More problems for Binance
Currently, Binance is defending itself against charges filed by the United States Securities and Exchange Commission (SEC) in early June. The regulator alleges the exchange operated unregistered trading platforms and misused customer funds. On the other hand, the crypto exchange is worried about possible charges from the US Department of Justice, WSJ reported.
Over the past month, Binance has suffered several setbacks: it was expelled from Belgium, was denied a license in the Netherlands and Germany, and lost its euro banking partner. Additionally, the swap is under investigation in France, with a lawmaker pushing for a congressional investigation into the company’s representative in Brazil.
However, despite these challenges, Binance recently launched in Kazakhstan, marking its first presence in the Central Asian sub-region.
