Binance Weighs Staff Cuts amid Regulatory Pressure in the Global Market

Binance, the largest cryptocurrency exchange by trading volume, said it is evaluating its staff, to dispel rumors of cost-cutting layoffs.

“Binance is not cutting 20% ​​of employees as a cost-cutting measure,” Binance Chief Communications Officer Patrick Hellman said in a tweet. “We have regularly gone through talent density audits and resource allocation practice every six months.”

Hellman was responding to a newsletter by freelance journalist Colin Wu that “multiple sources” confirmed that the exchange had already laid off 20% of its 8,000 total staff.

According to Hillman, there was no specific number of employees the exchange was targeting for layoffs. Instead, it is reportedly conducting a talent density audit to report on its direction. Moreover, the exchange said it is seeking to fill more open positions.

Regulatory headwinds

Binance has faced regulatory pressure in many global markets, which has hampered its efforts to grow its customer base. finance poles It reported in mid-May that the company had to suspend its Australian dollar services to its subsidiary in Australia.

Specifically, Binance is struggling to find reliable banking partners to support its services. For example, the decision to stop fiat currency deposit and withdrawal services in Australia was due to a third party decision to stop the exchange’s advance payment support.

Elsewhere, the controversial exchange was forced to shut down operations in Canada due to strict requirements around stablecoins and investor limits. The Canadian financial regulator has imposed a requirement to register cryptocurrency exchanges operating in the country.

Regulatory pressure is no different in the UK as Binance has faced challenges with the country’s financial regulator, the Financial Conduct Authority, which forced it to withdraw its application from mandatory registration in the region in 2021. However, the exchange is now considering becoming a UK registrar. .

Similarly, in the US, Binance and its CEO, Changpeng Zhao, are facing charges initiated by the CFTC relating to numerous alleged compliance violations.

options office in Paris; BidX’s new liquidity manager; Read snippets of today’s news.

Binance, the largest cryptocurrency exchange by trading volume, said it is evaluating its staff, to dispel rumors of cost-cutting layoffs.

“Binance is not cutting 20% ​​of employees as a cost-cutting measure,” Binance Chief Communications Officer Patrick Hellman said in a tweet. “We have regularly gone through talent density audits and resource allocation practice every six months.”

Hellman was responding to a newsletter by freelance journalist Colin Wu that “multiple sources” confirmed that the exchange had already laid off 20% of its 8,000 total staff.

According to Hillman, there was no specific number of employees the exchange was targeting for layoffs. Instead, it is reportedly conducting a talent density audit to report on its direction. Moreover, the exchange said it is seeking to fill more open positions.

Regulatory headwinds

Binance has faced regulatory pressure in many global markets, which has hampered its efforts to grow its customer base. finance poles It reported in mid-May that the company had to suspend its Australian dollar services to its subsidiary in Australia.

Specifically, Binance is struggling to find reliable banking partners to support its services. For example, the decision to discontinue fiat currency deposit and withdrawal services in Australia was due to a third party decision to stop the exchange’s advance payment support.

Elsewhere, the controversial exchange was forced to shut down operations in Canada due to strict requirements around stablecoins and investor limits. The Canadian financial regulator has imposed a requirement to register cryptocurrency exchanges operating in the country.

Regulatory pressure is no different in the UK as Binance has faced challenges with the country’s financial regulator, the Financial Conduct Authority, which forced it to withdraw its application from mandatory registration in the region in 2021. However, the exchange is now considering becoming a UK-registrar. .

Similarly, in the US, Binance and its CEO, Changpeng Zhao, are facing charges initiated by the CFTC relating to numerous alleged compliance violations.

options office in Paris; BidX’s new liquidity manager; Read snippets of today’s news.

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