Binance, on its sixth anniversary, has reportedly laid off over 1,000 employees in recent weeks, according to the Wall Street Journal. Former employees revealed that the layoffs are global, with customer service staff being particularly affected, especially in In dia. With these recent layoffs , more than 1,000 employees have lost their jobs, which is estimated to be over a third of Binance's global headcount of 8,000 before the restructuring.
Although Binance announced a 20% layoff on May 31, it claimed that it was a reallocation of resources rather than a layoff. The exchange stated that they needed to focus on talent density across the organization to remain agile and dynamic for the upcoming bull cycle. However, data from Glassdoor showed that Binance had some of the unhappy employees in the cryptocurrency industry. Binance spokesperson explained that they are fully focused on serving users and seek candidates who can thrive in a high-performance environment.
Since early June, Binance has faced various regulatory challenges worldwide following a lawsuit by the SEC. The exchange was ordered to cease operations in Belgium, failed to obtain a license in the Netherlands, was denied a crypto custody license in Germany, and lost its euro banking partner within 30 days. Binance is also under scrutiny in France and has been summoned to appear before Brazil's Congress regarding a Ponzi scheme investigation.
The ongoing investigation by the US Department of Justice into Binance's activities and executives is seen as the most persistent challenge, according to the Wall Street Journal. Binance CEO Changpeng Zhao has refused to relinquish control or resign, raising concerns about the exchange's future. Several executives , including former chief strategy officer Patrick Hillman, have reportedly left recently, possibly in response to Zhao's handling of the probe. During Binance's anniversary celebration, Zhao acknowledged that the company's journey has never been smooth.
Please note that the information provided is based on the Wall Street Journal report and statements made by former employees, and it may be subject to further developments and changes.
