Binance Fired over 1,000 Employees in Recent Weeks: Report

Binance Fired over 1,000 Employees in Recent Weeks: Report

Binance reportedly has made over 1,000 employees redundant in recent weeks, further shrinking its previous 8,000-strong global workforce. The Wall
Street Journal (WSJ) reported the massive cut in employment today (Friday), citing an
insider source.

Binance Cuts More Jobs Globally

employees told WSJ that more staff members across
the exchange’s global markets were let go this week, with customer-service workers mostly
affected. In India alone, about 40 employees in this category were dismissed, the outlet said.

downsizing comes as regulatory pressure continues to mount on the exchange,
which recently endured an exodus of senior
executives. Already, over 50 employees working for the exchange’s
so-called independent US subsidiary have been released.

earlier this month, Changpeng ‘CZ’ Zhao, the CEO of Binance, while reacting to
the departure of Patrick
Hillmann, the ex-Chief Strategy Officer and
other key executives, dismissed speculations of troubles
at the exchange, noting that “there is turnover at every company.”

Before then, in May, Hillman rebuffed
reports that Binance was pruning its workforce by 20% as a ‘cost-cutting measure’, suggesting
that the exchange was simply going through its regular ‘talent density audit
and resource allocation’ exercise.

More Troubles for Binance

Binance is defending against charges filed by the US Securities and Exchange
Commission (SEC) made in early June. The regulator has alleged that the exchange ran
unregistered trading platforms and misused customers’ funds. On the other hand, the crypto exchange is worried about possible charges from the US
Department of Justice, WSJ reported.

In the last month, Binance has suffered several setbacks: it was forced out of Belgium, denied a license in the Netherlands and Germany, and lost its euro banking
Additionally, the exchange is under investigation in France, with a lawmaker pushing for a congressional inquiry
into the firm’s representative in Brazil.

despite these challenges, Binance recently launched in Kazakhstan, marking its first presence in
the Central Asia sub-region.

This article was written by Solomon Oladipupo at

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