Binance lays off 1000 employees globally, including customer service employees in India
Recently, Binance has fired approx 1000 employees worldwide, following the departure of several top officials including chief strategy officer, general counsel, and head of investigations last week.
cryptocurrency
Highlights
- Amid tensions in the US, the crypto giant decides to eliminate a certain portion of its employees
- The current decision of layoffs is taken to re-evaluate the right talent and expertise in critical roles
Over 1,000 employees of the cryptocurrency startup, Binance, are said to have lost their jobs in recent weeks as a result of federal investigations and regulatory crackdowns in the US.
As per the statement of an internal source on Saturday, the global cuts affected roughly three dozen customer-service staff in India. Moreover, the layoffs could further impact the crypto giant losing almost a third of its total workforce. As of now, no concrete number on the layoffs have been given by the Binance spokesperson.
Glimpse on the employee balance in Binance
“As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organisation to ensure we remain nimble and dynamic. This is not a case of rightsizing, but rather re-evaluating whether we have the right talent and expertise in critical roles," the official said.
Several executives left Binance last week, including the chief strategy officer, general counsel, and head of investigations. Before the layoffs, Binance had over 8,000 employees worldwide.
Authorities give red signal to Binance’s current operations
The layoffs follow concerns that the Justice Department will take legal action against the cryptocurrency exchange and its CEO, Changpeng Zhao, as they deal with significant accusations. The allegations related to operating a 'web of deception' by authorities were one of them.
Furthermore, the US Securities and Exchange Commission has alleged and sued its CEO for offering unregistered securities to the general public in the form of BNB crypto tokens and Binance-linked BUSD stablecoins.
The lawsuit also accused Binance of mixing up user funds and violating securities laws with its staking service. It suggested that Zhao had hidden control over Binance.US, with a Zhao-owned company boosting the trading volume on the platform. As a result, Binance vehemently refuted all of the accusations and vowed to defend itself.
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