A wave of new staff reductions is coming to crypto exchange Binance, which is reportedly planning to lay off 20% of its workforce in June. The job cuts come after the company announced that it will lay off 20% of its workforce. learned earlier this year that it would not lay off any employees.
According to the exchange, the decision was not to downsize but to reallocate resources. “As we prepare for the next big bull cycle, it becomes clear that we need to focus on talent density across the organization to ensure we stay agile and dynamic,” said a spokesperson for the exchange. transaction said.
On Twitter, Binance chief strategy officer, Patrick Hillmann, suggested that the reorganization is intended to address growing regulatory pressures targeting the crypto space:
Regulators in almost every major market are also working overtime to bring more clarity to their expectations for the industry and asset class in general, which puts even more pressure on than for organizations to adapt or fail.
In addition, according to Hillmann, the exact number of layoffs is yet to be determined. He continued: “Like previous times, this will be done after several teams (including Human Resources, Risk, and Operations) have finished vetting that talent.”
At the time of this writing, Binance’s careers page shows 326 open positions spread across several departments and locations. During the most recent bull market, Binance’s headcount grew from around 3,000 to nearly 8,000, with staff across Europe, America, the Middle East, Africa, and Asia.