Binance sheds 1,000 jobs worldwide amidst regulatory turmoil

TL;DR Breakdown

  • According to reports over 1,000 employees have been laid off in recent weeks, with the cuts being implemented globally. 
  • Prior to these layoffs, Binance’s global headcount was estimated to be around 8,000. 
  • The exchange has faced a series of setbacks where within a span of 30 days, Binance was ordered to halt operations in Belgium, was denied a license in the Netherlands, failed to obtain a crypto custody license in Germany, and lost its euro banking partner. 

Description

Binance, one of the largest cryptocurrency exchanges, is marking its sixth anniversary amidst recent reports of significant layoffs. The Wall Street Journal has revealed that over 1,000 employees have been laid off in recent weeks, with the cuts being implemented globally.  Customer service workers, particularly in India, have been heavily impacted. Prior to these layoffs, … Read more

Binance, one of the largest cryptocurrency exchanges, is marking its sixth anniversary amidst recent reports of significant layoffs. The Wall Street Journal has revealed that over 1,000 employees have been laid off in recent weeks, with the cuts being implemented globally. 

Customer service workers, particularly in India, have been heavily impacted. Prior to these layoffs, Binance‘s global headcount was estimated to be around 8,000. As the exchange undergoes a reorganization, it is anticipated that it may lose more than a third of its staff.

On May 31, Binance announced a 20% reduction in staff, stating that it was not downsizing but rather reallocating resources. The exchange spokesperson emphasized the need to focus on talent density in preparation for the next major bull cycle. However, former employees have expressed their dissatisfaction, with data from Glassdoor revealing that Binance had some of the least happy employees in the crypto industry. The exchange defended its hiring practices, stating that it seeks candidates who can excel in a high-performance environment and are dedicated to delivering for users.

Binance setbacks

Binance has faced a series of setbacks since early June when it encountered regulatory challenges worldwide following a lawsuit filed by the United States Securities and Exchange Commission. Within a span of 30 days, Binance was ordered to halt operations in Belgium, was denied a license in the Netherlands, failed to obtain a crypto custody license in Germany, and lost its euro banking partner. The exchange is also under scrutiny in France and has been subpoenaed to appear before Brazil’s Congress in relation to a Ponzi scheme investigation.

However, the most significant ongoing challenge for Binance is the investigation by the U.S. Justice Department into its activities and executives. Binance CEO Changpeng “CZ” Zhao has refused to relinquish control or step aside, raising concerns about the exchange’s future. This stance has reportedly led to the departure of several top executives, including former chief strategy officer Patrick Hillmann. On Binance’s sixth anniversary, Zhao acknowledged that the company’s journey has not been without obstacles.

As the exchange faces multiple regulatory hurdles and internal restructuring, the outcome of the ongoing investigations and the ability to navigate these challenges will determine the future trajectory of the exchange in the highly competitive cryptocurrency industry.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Binance sheds 1,000 jobs worldwide amidst regulatory turmoil

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月15日 17:48
Next 2023年7月15日 19:25

Related articles

  • From Asia with crypto: This week’s top 10 news

    TL;DR Breakdown Hong Kong’s SFC Issues: JPEX platform faces regulatory challenges in Hong Kong for unlicensed operations, leading to a freeze on its substantial assets. South Korea’s Crypto Evolution: Shareholders of major exchanges face qualification reviews amid increased legislative scrutiny, with over 70% of overseas assets declared being in cryptocurrency. Singapore’s Regulatory Push: MAS steps up its oversight on digital assets to curb misconduct, while a major money-laundering case involving several banks surfaces. Description Asia – the pulsating heart of the crypto world, teeming with innovation, intrigue, and at times, deception. While the continent brims with stories, here’s a sharp look at the top ten that caught my attention this week, as we navigate the complicated terrain of cryptocurrencies in the East. Hong Kong: Scandals and Invitations Hong Kong’s … Read more Asia – the pulsating heart of the crypto world, teeming with innovation, intrigue, and at times, deception. While the continent brims with stories, here’s a sharp look at the top ten that caught my attention this week, as we navigate the complicated terrain of cryptocurrencies in the East….

    Article 2023年9月25日
  • BRICS under fire: The criticisms that make sense

    TL;DR Breakdown Despite BRICS’ economic prominence, it’s plagued with criticisms like lack of tangible achievements and internal discord. The alliance is exploring strategies to reduce US dollar dependence, like currency integration and considering a Tobin tax. BRICS needs to move beyond mere summits, address valid critiques, and harness its potential for global impact. Description Despite the rosy optics of its economic might, BRICS remains under scrutiny from its skeptics. The expanding alliance, now 11-strong post its 15th summit, boasts significant clout in GDP, oil exports, and commodities. These impressive figures have thrown a gauntlet to the Western financial sector. Yet, beneath the shimmer lies a reality riddled with discrepancies … Read more Despite the rosy optics of its economic might, BRICS remains under scrutiny from its skeptics. The expanding alliance, now 11-strong post its 15th summit, boasts significant clout in GDP, oil exports, and commodities. These impressive figures have thrown a gauntlet to the Western financial sector. Yet, beneath the shimmer lies a reality riddled with discrepancies and unfulfilled promises. Today, we cast a critical lens over some of the…

    Article 2023年9月26日
  • UBS’s Credit Suisse takeover set to conclude in a week

    TL;DR Breakdown UBS is set to finalize its takeover of Credit Suisse by June 12, creating a Swiss banking giant with a $1.6 trillion balance sheet. Deal hinges on approval from U.S. Securities and Exchange Commission; UBS shares rise 1.1%, Credit Suisse up 0.7% in anticipation. The merger is seen as significant step toward integration, despite the change in UBS’s risk profile. The long-anticipated unification of two Swiss banking titans, UBS and Credit Suisse, is scheduled to conclude in a week. This colossal merger, fostered by a government-backed salvage operation earlier this year, is set to birth a behemoth in the banking industry, boasting a balance sheet that tips the scales at $1.6 trillion. Preparing for a monumental merger The impending closure of the deal is hinged on the affirmation of the registration statement by the U.S. Securities and Exchange Commission. This statement pertains to the shares that are to be transferred as part of the deal, among other closing conditions, according to a Monday statement from UBS. The conclusion of the takeover will mark the assimilation of Credit Suisse…

    Article 2023年6月10日
  • U.S. debt deal will have limited impact on markets

    TL;DR Breakdown Joe Biden and Kevin McCarthy have reached a tentative deal to raise the $31.4 trillion debt ceiling, potentially averting a government default. This development might boost the Federal Reserve’s confidence to consider further rate hikes, providing relief to financial markets. In what may be seen as a breather for financial markets, U.S. President Joe Biden, along with influential Republican Kevin McCarthy, has reached an interim agreement to alleviate the $31.4 trillion debt ceiling standoff, according to insiders privy to the deliberations. However, this prospective pact must wade through Congressional approval before early June to avoid a potential and catastrophic, default of the U.S. government. Impact on Federal Reserve confidence and market liquidity Market analysts are optimistic about this development, with KlarityFX director Amo Sahota opining that the deal might provide the U.S. Federal Reserve more confidence to consider further rate hikes. Regardless, this potential boon for investors may be a fleeting one. Following a successful debt deal, the U.S. Treasury is expected to rapidly replenish its depleted reserves via bond issuance, potentially draining hundreds of billions from the…

    Article 2023年5月31日
  • Genesis Global Trading’s sudden closure sends shockwaves

    TL;DR Breakdown Genesis Global Trading (GGT) has announced the impending closure of its spot crypto trading operations later this month.  All ongoing trades must be finalized by September 21st, failing which, all open accounts will be terminated by the end of the day on September 30th.  Genesis Global Trading is part of the Digital Currency Group (DCG), a prominent venture capital firm deeply entrenched in the cryptocurrency industry. Description In a recent email communication sent out to its clients, Genesis Global Trading (GGT), a well-known player in the cryptocurrency trading space, has announced the impending closure of its spot crypto trading operations later this month. This decision is expected to have notable implications for the crypto trading landscape and for Genesis as a whole. … Read more In a recent email communication sent out to its clients, Genesis Global Trading (GGT), a well-known player in the cryptocurrency trading space, has announced the impending closure of its spot crypto trading operations later this month. This decision is expected to have notable implications for the crypto trading landscape and for Genesis as…

    Article 2023年9月6日
TOP