Binance Lays Off After The Exodus Wave Of Executive Leaders

JAKARTA - The Binance crypto exchange cut off a few days after experiencing a wave of executives. This was conveyed by sources familiar with the situation to Reuters on Friday, July 14.

Termination of employment on the world's largest crypto exchange occurred at a time when the future of the crypto industry in the United States market was uncertain, as regulators aggressively took firm action against activities deemed illegal.

The layoff was first reported by the Wall Street Journal, which states that more than 1,000 people have been fired in recent weeks.

"When we continue to strive to increase talent density, there is an accidental termination of employment. This happens in every company. The numbers reported by the media are all off the mark," tweeted Changpeng Zhao, Binance CEO, adding that the crypto exchange is "still in the recruitment process."

Last month, the Securities and Exchange Commission (SEC) sued Binance and Zhao on suspicion of "fraud network." Binance stated that they would defend themselves persistently.

Binance and its state-of-the-art company Coinbase Global affirmed a firm approach from SEC Chair Gary Gensler against the crypto industry, but a judge's recent US ruling in favor of crypto company Ripple Labs shows regulators are facing tough fighting.

Application applications for spot bitcoin exchange-traded funds (ETFs) from asset management giants BlackRock and Fidelity are also considered as support for the crypto industry.

"Over the past six years, we have grown from 30 to a team of nearly 8,000 people worldwide. When we prepare for the next big bullish cycle, it becomes clear that we need to focus on talent densities across the organization to ensure we remain agile and dynamic," said a Binance spokesperson.

Last week, a number of executives resigned from Binance, including his Chief Strategy Officer, Patrick Hillmann.