The reduction in the number of Binance staff reached 1,000 employees. The ongoing workforce reduction is reportedly global, with customer service workers being heavily impacted.
Binance continues to lay off!
Binance celebrates its sixth anniversary. But it has laid off more than 1,000 jobs in recent weeks, according to The Wall Street Journal. According to former employees, the layoffs have been global. Customer service workers in India in particular were greatly impacted. With this week’s layoffs, more than 1,000 employees have lost their jobs in the stock market. According to estimates, before the outage, Binance had a global staffing of 8,000. Binance could lose more than a third of its staff due to ongoing restructuring.
cryptocoin.comAs you follow, Binance announced a 20% reduction in staff numbers on May 31. However, he claimed that he was not going downsizing, reallocating resources. “As we prepare for the next big bull cycle, it has become clear that we need to focus on talent concentration across the organization to ensure we remain agile and dynamic,” a Binance spokesperson said at the time.
Giant crypto exchange and its CEO under regulatory pressure
Data from Glassdoor recently revealed that Binance is home to some of the least happy employees in the crypto industry. A spokesperson for the stock market said the company is trying to hire candidates who can “really high-performing and succeed.” He also explained that he is “obsessively focused on serving his users.”
Meanwhile, Binance is a party to a lawsuit filed by the United States Securities and Exchange Commission. She was subsequently subjected to a worldwide wave of regulatory challenges. Thus, since the beginning of June, the stock market has experienced various disruptions. For example, Binance has been ordered to cease operations in Belgium. She couldn’t get a license in the Netherlands. He got a red card for a crypto custody license in Germany. Also, he lost his euro banking partner within 30 days. The exchange is also under scrutiny in France. On the other hand, he was summoned to appear before the Brazilian Congress regarding a pyramid scheme investigation.
According to the WSJ, Binance’s biggest problem is the ongoing investigation by the US Department of Justice into its activities and executives. Binance CEO Changpeng Zhao refuses to relinquish control or step aside. This raises concerns about the survival of the stock market. Zhao’s response to the investigations led to the departure of several senior executives, including former strategy director Patrick Hillmann. On the anniversary of Binance celebrated on July 14, Zhao made a statement. CZ said the company’s journey was “never smooth sailing.”
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