Binance has reportedly laid off more than 1,000 employees in recent weeks, cutting its former global workforce of 8,000. The Wall Street Journal (Wall Street Journal) reported on collective spending cuts today (Friday), citing an informed source.
Former employees of the WSJ said that more employees are trans exchange
exchange
An exchange is known as a market that supports the trading of derivatives, commodities, securities and other financial instruments, and in general, an exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to perform trading. Among the main responsibilities of the stock exchange is to support honest and fair trading practices. These are useful in ensuring that the distribution of subsidized security rates on this exchange is effective
An exchange is known as a market that supports the trading of derivatives, commodities, securities and other financial instruments, and in general, an exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to perform trading. Among the main responsibilities of the stock exchange is to support honest and fair trading practices. These are useful in ensuring that the distribution of subsidized security rates on this exchange is effective
Read this termBank’s global markets were launched this week, with customer service workers mostly affected. The outlet said that in India alone, around 40 such employees have been let go.
The downsizing comes as regulatory pressure continues on the exchange, which has recently suffered an exodus of senior executives. Indeed, about 50 employees working in the so-called independent American branch of the exchange were fired.
However, earlier this month, Binance CEO Changpeng ‘CZ’ Zhao, while reacting to the departure of former Chief Strategy Officer Patrick Hellman and other key executives, dismissed speculations of problems with the exchange, noting that “there are turnover in each company.
4. MORE FUD ABOUT SOME OF THE DEPARTERS. Yes, there is turnover (in every company). But the reasons why “news” is dreaming are completely wrong.
As an organization that has grown from 30 to 8,000 people in 6 years, from 0 to the world’s largest crypto exchange in less than 5 months…
– Czechoslovakia 🔶 Binance (cz_binance) July 6, 2023
Prior to that, Hellman in May dismissed reports that Binance was cutting its workforce by 20% as a cost-cutting measure, suggesting that the exchange was simply going through its normal “talent density audit and resource allocation” exercise.
Let me provide some additional clarity via 🧵.
Binance is not cutting 20% of employees as a cost-cutting measure. binance It has experienced real exponential growth over the past five years – and has grown its staff accordingly. This was a historic operational challenge that had to be overcome. https://t.co/Awmh8PdT8j
– Patrick Hillman (PRHillman) May 31, 2023
More problems for Binance
Currently, Binance is defending charges that were filed by the US Securities and Exchange Commission (SEC) in early June. The regulator claims that the exchange operated unregistered trading platforms and misused client funds. On the other hand, the cryptocurrency exchange is concerned about possible charges from the US Department of Justice, the Wall Street Journal reports.
In the past month, Binance has suffered several setbacks: it was forced out of Belgium, denied a license in the Netherlands and Germany, and lost its euro banking partner. In addition, the exchange is under investigation in France, where a lawmaker is pushing for a congressional investigation of the company’s representative in Brazil.
However, despite these challenges, Binance recently launched in Kazakhstan, marking its first presence in the Central Asian sub-region.
Binance has reportedly laid off more than 1,000 employees in recent weeks, cutting its former global workforce of 8,000. The Wall Street Journal (Wall Street Journal) reported on collective spending cuts today (Friday), citing an informed source.
Former employees of the WSJ said that more employees are trans exchange
exchange
An exchange is known as a market that supports the trading of derivatives, commodities, securities and other financial instruments, and in general, an exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to perform trading. Among the main responsibilities of the stock exchange is to support honest and fair trading practices. These are useful in ensuring that the distribution of subsidized security rates on this exchange is effective
An exchange is known as a market that supports the trading of derivatives, commodities, securities and other financial instruments, and in general, an exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to perform trading. Among the main responsibilities of the stock exchange is to support honest and fair trading practices. These are useful in ensuring that the distribution of subsidized security rates on this exchange is effective
Read this termBank’s global markets were launched this week, with customer service workers mostly affected. The outlet said that in India alone, around 40 such employees have been let go.
The downsizing comes as regulatory pressure continues on the exchange, which has recently suffered an exodus of senior executives. Indeed, about 50 employees working in the so-called independent American branch of the exchange were fired.
However, earlier this month, Binance CEO Changpeng ‘CZ’ Zhao, while reacting to the departure of former Chief Strategy Officer Patrick Hellman and other key executives, dismissed speculations of problems with the exchange, noting that “there are turnover in each company.
4. MORE FUD ABOUT SOME OF THE DEPARTERS. Yes, there is turnover (in every company). But the reasons why “news” is dreaming are completely wrong.
As an organization that has grown from 30 to 8,000 people in 6 years, from 0 to the world’s largest crypto exchange in less than 5 months…
– Czechoslovakia 🔶 Binance (cz_binance) July 6, 2023
Prior to that, Hellman in May dismissed reports that Binance was cutting its workforce by 20% as a cost-cutting measure, suggesting that the exchange was simply going through its normal “talent density audit and resource allocation” exercise.
Let me provide some additional clarity via 🧵.
Binance is not cutting 20% of employees as a cost-cutting measure. binance It has experienced real exponential growth over the past five years – and has grown its staff accordingly. This was a historic operational challenge that had to be overcome. https://t.co/Awmh8PdT8j
– Patrick Hillman (PRHillman) May 31, 2023
More problems for Binance
Currently, Binance is defending charges that were filed by the US Securities and Exchange Commission (SEC) in early June. The regulator claims that the exchange operated unregistered trading platforms and misused client funds. On the other hand, the cryptocurrency exchange is concerned about possible charges from the US Department of Justice, the Wall Street Journal reports.
In the past month, Binance has suffered several setbacks: it was forced out of Belgium, denied a license in the Netherlands and Germany, and lost its euro banking partner. In addition, the exchange is under investigation in France, where a lawmaker is pushing for a congressional investigation of the company’s representative in Brazil.
However, despite these challenges, Binance recently launched in Kazakhstan, marking its first presence in the Central Asian sub-region.
