Binance, one of the world’s largest cryptocurrency exchanges, has laid off over 1,000 employees in recent weeks, according to a report by the Wall Street Journal.
The ongoing exercise could reportedly result in Binance losing more than a third of its staff. The job cuts come amid increasing regulatory scrutiny of the cryptocurrency industry, and just weeks after the U.S. Securities and Exchange Commission (SEC) sued Binance and its CEO Changpeng Zhao.
As reported by Bitcoinist, last week several high-level executives also resigned from Binance, including its Chief Strategy Officer Patrick Hillmann.
While Binance has said it will defend itself “vigorously” against the allegations made by U.S. regulators, the job cuts suggest that the exchange may be feeling the pressure from increased scrutiny.
Binance’s Job Cuts Take A Toll On Customer Service Operations
According to the Wall Street Journal, former employees have reported that customer-service workers were heavily affected
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