July 14 (Reuters) – Cryptocurrency exchange Binance has implemented job cuts following a series of executive departures, according to a source familiar with the matter. The layoffs come at a time of uncertainty for the industry in the U.S. market, as regulators crack down on activities they consider illegal. The Wall Street Journal first reported the job cuts, stating that over 1,000 employees have been let go in recent weeks. Binance CEO Changpeng Zhao responded to the reports on Twitter, stating that the numbers reported by the media are inaccurate and that the exchange is still hiring. Last month, Binance and Zhao were sued by the Securities and Exchange Commission (SEC) for allegedly engaging in deceptive practices. Binance has vowed to vigorously defend itself. The lawsuits against Binance and Coinbase Global highlight SEC Chair Gary Gensler’s tough stance on the industry, although a recent ruling in favor of Ripple Labs suggests that the regulator faces challenges. The applications for spot bitcoin exchange-traded funds (ETFs) from BlackRock and Fidelity have been seen as a vote of confidence for the industry. A spokesperson for Binance stated that the job cuts are part of an effort to increase talent density and remain agile as the organization prepares for the next major bull cycle. Last week, several executives, including Chief Strategy Officer Patrick Hillmann, resigned from Binance.
Post from www.reuters.com