Binance lays off over 1,000 employees: Report

Binance lays off over 1,000 employees: Report
FILE PHOTO: Binance logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/File Photo

Crypto giant Binance has laid off more than 1,000 people in recent weeks in a continuing exercise that could result in the exchange losing more than a third of its staff, the Wall Street Journal reported on Friday (Jul 14), citing a person familiar with the moves.

Last week, a string of executives also quit Binance, which included its Chief Strategy Officer Patrick Hillmann.

US regulators last month sued the crypto exchange and its CEO Changpeng Zhao for allegedly operating a “web of deception”. Binance has said it would defend itself “vigorously.”

More employees were laid off this week, according to former employees, who said customer-service workers were heavily affected. The cuts were global, including about three dozen customer-service employees in India, the report added.

Binance did not immediately respond to a Reuters request for comment.

Source: Reuters