Binance faces workforce reductions amid regulatory scrutiny

Binance has initiated a substantial downsizing effort in recent weeks, resulting in the termination of over 1,000 employees. These ongoing measures could potentially reduce the exchange’s staff by more than a third, as disclosed by an individual familiar with the matter, according to a report published by the Wall Street Journal.

Alongside the reduction in workforce, Binance has seen a series of high-level resignations. Notably, Patrick Hillmann, the Chief Strategy Officer, recently departed from the company.

The challenges for Binance extend beyond internal restructuring, as the exchange and its CEO Changpeng Zhao were sued by US regulators last month. The lawsuit accuses the crypto exchange of operating a “web of deception.” Binance has firmly expressed its commitment to vigorously defend against these allegations.

Former employees have indicated that additional layoffs occurred this week, with customer-service workers being heavily affected. The cuts were implemented globally, impacting approximately three dozen customer-service employees in India, as stated in the report.