Tuesday, October 3, 2023
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Binance Lays Off Staff Days After Executive Exit

By Jaiveer Shekhawat

(Reuters) – Cryptocurrency exchange Binance is closing the doors just days after being hit by a wave of executive exits, a person familiar with the matter told Reuters on Friday. layoffs.

The job cuts at the world’s largest cryptocurrency exchange come as the industry’s future in the U.S. market is uncertain and regulators are cracking down on what they see as illegal activity.

Last month, the U.S. Securities and Exchange Commission (SEC) sued Binance and its CEO Changpeng Zhao for allegedly operating a “deception network.” Binance said it would “vigorously” defend itself.

Lawsuit against Binance and peer Coinbase (NASDAQ: COIN) Global pillar SEC chairman Gary Gensler takes tough line on industry attitude, but a U.S. judge recently sided with cryptocurrency company Ripple

Labs, stressing that regulators are facing an uphill battle.

Asset management giants BlackRock (NYSE: BLK ) and Fidelity’s spot bitcoin exchange-traded fund (ETF) ) application is also seen as a vote of confidence in the industry.

“Over the last six years we have grown from 30 to a team of almost 8, A global Binance spokesperson said: “As we prepare for the next major bull market cycle, it’s clear that we need to focus on talent density across our organization to ensure we remain flexible and dynamic. “

The layoffs were first reported by The Wall Street Journal, which said there had been more than 1 in recent weeks, 30 were fired.

Last week, a string of executives quit Binance, including Chief Strategy Officer Patrick Hillmann.




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