Binance lays off over 1,000 employees amid regulatory hurdle
Binance is reportedly laying off over 1,000 employees as part of a restructuring effort that could result in a reduction of more than a third. Wall Street Journal shared an insight on June 14. According to an unnamed Binance spokesperson, 1,000 people have already been laid off. They added that up to 3,500 people will lose their positions in Binance by the end of 2023. A week earlier, several senior executives, including chief strategy officer Patrick Hillmann and general counsel Hong Ng, also shared their departure from the company. Moreover, in March 2023, the company responded to rumors of 20% layoffs, which were not officially confirmed by then. You might also like: Binance responds to layoff rumors, denies 20% staff cut Binance’s CEO, Changpeng Zhao, quickly reacted to the layoffs on Twitter in his usual fashion, accusing the media of spreading fear, uncertainty and doubt (FUD). However, CZ still confirmed that some job cuts eventually took place. As we conti...