Crypto exchange Binance reportedly cuts 1,000 jobs after top executives leave: report

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Cryptocurrency exchange Binance cut jobs just days after being hit by a wave of executive departures, a source familiar with the matter told Reuters on Friday.

The layoffs at the world’s largest crypto exchange come at a time when the industry’s future in the US market is uncertain, with regulators aggressively cracking down on what they consider illegal activity.

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

Lawsuits against Binance and its peer Coinbase Global underpin SEC Chairman Gary Gensler’s tough approach to the industry, but a U.S. judge recently sided with crypto firm Ripple Labs points out the regulator faces an uphill battle.

Requests for cash bitcoin exchange-traded funds from asset management giants BlackRock and Fidelity were also seen as a vote of confidence for the industry.

Binance founder Changpeng ZhaoREUTERS The layoffs at the world’s largest crypto exchange come at a time when the industry’s future in the US market is uncertain.REUTERS

“Over the past six years, we have grown from 30 to a team of nearly 8,000 people around the world. As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic,” a Binance spokesperson said.

The job cuts were first reported by The Wall Street Journal, which said more than 1,000 people had been made redundant in recent weeks.

Last week, a series of executives left Binance, including its chief strategy officer, Patrick Hillmann.

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