Cryptocurrency exchange Binance has reportedly cut its workforce, just days after it was hit by a wave of executive exits.
The job cuts were first reported by the Wall Street Journal, which said more than 1,000 people had been let go in recent weeks in a continuing exercise that could result in the exchange losing more than a third of its staff. Later, a source familiar with the matter confirmed to Reuters that the firm has cut jobs.
Binance CEO Changpeng Zhao, however, tweeted, "As we continuously strive to increase talent density, there are involuntary terminations. This happens in every company. The numbers reported by media are all way off." He further added that the exchange is still hiring.
Last month, the Securities and Exchange Commission (SEC) sued Binance and Zhao for allegedly operating a "web of deception." Binance has said it would defend itself vigorously.
A string of executives recently quit Binance, which included its Chief Strategy Officer Patrick Hillmann.
Recently, Business Today spoke to Jareck Jakubcek, Head of Law Enforcement at Binance APAC, on regulatory issues surrounding cryptocurrencies.
“At Binance, we do welcome opportunities to actively engage with regulators and we definitely do support clearer rules of the game, clearer regulations,” said Jakubcek.
He added, “We believe that there has to be a set of defined rules by which cryptocurrencies have to behave. So having a regulatory framework is a definitely step in the positive direction."
Jakubcek noted that the Indian government’s steps to provide clear framework of regulations for crypto companies in India has helped the exchange support regulators, like the Indian Directorate of Enforcement (ED), in several investigations.
(With inputs from Aakanksha Chaturvedi)
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