December 8, 2023

Cryptocurrency exchange Binance has reportedly fired several employees after several executives left the company.

Cryptocurrency exchange Binance lays off staff after top executive leaves Reuters Report.The Wall Street Journal first reported report Sources say more than 1,000 employees have been laid off in the past few weeks.

CZ Dispute Media Report

Binance’s layoffs come after a wave of U.S. regulatory scrutiny raised doubts about the industry’s future. Binance and its rival Coinbase have been sued by the SEC for alleged violations of securities laws.

The SEC accused Binance and its CEO Changpeng Zhao “CZ” of operating a “deceptive network.” The exchange vehemently denies the allegations and says it will vigorously defend itself.

Zhao clarified the media reports on Twitter, saying the reported numbers were inaccurate. The exchange continues to appoint new staff.

Executives leave Binance

last week, Reuters report A string of executives have left Binance. Patrick Hillman, the exchange’s chief strategy officer, said in a tweet that he was leaving the company for personal reasons.

Steven Christie, the exchange’s compliance officer, also said: Announce He announced his departure from the company via Twitter. Christie said:

I usually don’t tweet much and try to keep a low profile, but wanted to clarify a couple of articles published today. I can confirm that I am indeed leaving @binance, but my reasons for leaving are very different from what has been reported.

Binance General Counsel Hon Ng also left the company along with Binance US Chief Commercial Officer Ling Yibo.

CZ also commented on reports of executive departures:

Binance spokesperson said Reuters:

Over the past six years, our global team has grown from 30 to nearly 8,000. As we prepare for the next major bull cycle, it’s clear that we need to focus on talent density across our organization to ensure we remain agile and dynamic.

Binance US Layoffs

The round of layoffs at Binance’s U.S. division reportedly came shortly after the SEC filed a lawsuit against Binance.

About 50 employees, or about 10 percent, of the exchange’s legal, compliance and risk department were laid off, the sources said.

Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.