Binance to have new layoffs due to regulatory scrutiny

Binance, a crypto exchange, is reportedly planning to lay off 20% of its workforce in June. This comes after the company had previously stated that it would not lay off any employees. The decision, according to the exchange, is not a downsizing but a resource reallocation in preparation for the next bull cycle. A spokesperson said that the company needs to focus on talent density across the organization to remain nimble and dynamic. Binance’s chief strategy officer, Patrick Hillmann, hinted that the layoff is meant to address growing regulatory pressures targeting the crypto space. The exact number of layoffs is yet to be determined. Binance’s career page currently shows 326 open positions in several departments and locations. During the latest bull market, Binance’s headcount grew from approximately 3,000 to nearly 8,000. Binance has been acquiring locally regulated entities to maintain its global status.