Binance recently laid off 1,000 employees: report

Binance recently laid off 1,000 employees: report

By Benson Toti - min read
  • Binance is reported to have dismissed about 1,000 of its employees recently.
  • The report cites sources close to the exchange and comes at a time Binance is battling regulatory pressure.
  • The leading crypto exchange celebrated its 6th birthday on July 14.

Binance, the world’s largest cryptocurrency exchange by trading volume, has reportedly cut its employee number by 1,000 in recent weeks.

The Wall Street Journal reported on Binance’s layoffs on Friday, citing a source as saying the crypto exchange could still dismiss more of its workforce in coming months amid staff reorganization. According to the report, the crypto company could lay off up to a third of its workforce.

Binance celebrated its sixth year since it launched today, July 14, 2023. 

Binance’s employee layoffs

Multiple crypto and mainstream companies have in the past year or so aggressively cut on their headcount, with crypto’s situation exacerbated by the debilitating crypto winter. Binance was among those to eye staff reduction as Wu Blockchain revealed in a May 31 tweet.

Prior to the expected employee cut, the Changpeng ‘CZ’ Zhao led company had an estimated 8,000 employees globally. Reports highlighted plans to send 20% of the workforce home.

Binance remains the world’s largest crypto exchange by trading volume. However, the past month has been tough for the company in terms of the myriad of regulatory challenges it has faced. 

The early June lawsuit by the US Securities and Exchange Commission (SEC), came as the exchange exited a number of countries due to regulatory reasons. It included Belgium and the Netherlands, and it ended its pursuit of a license in Austria. Menwhile, it also faced scrutiny in France and recently Australia.

There have also been exits by top executives, including exchange’s former Chief Strategy Officer Patrick Hillmann.