4 months ago
1 min read
Binance to Lay Off 20% of Workforce This Month Amid Regulatory Scrutiny
Binance, the world’s largest cryptocurrency exchange, is planning to lay off 20% of its workforce in June. The layoffs come amid growing regulatory pressure on the cryptocurrency industry. Binance CEO Changpeng Zhao said that the layoffs are necessary to “focus on talent density.” He said that the company is “overstaffed” in some areas and that the layoffs will help to “ensure that we are best positioned for long-term growth.” The layoffs come at a time when Binance is facing increasing regulatory scrutiny. The company has been banned from operating in several countries, including the United States and the United Kingdom.