Binance is planning another round of layoffs amid increased regulatory scrutiny

Crypto exchange Binance, ie another headcount reduction is coming Allegedly There are plans to lay off 20% of the workforce in June. The job cuts come after the company announced earlier this year that it would not be laying off any employees.

According to the exchange, the decision is not a downsizing, but a reallocation of resources. “As we prepare for the next big bull cycle, it has become clear that we need to focus on talent density across the organization to remain agile and dynamic,” a spokesperson told Cointelegraph.

Patrick Hillman, Chief Strategy Officer, Binance, on Twitter hinted The restructuring aims to address the growing regulatory pressure on the crypto space:

“Regulators in nearly every major market are also working overtime to provide greater clarity on their expectations for the industry and the broader asset class, putting even more pressure on organizations to adapt or fall by the wayside.”

According to Hillman, the exact number of layoffs is still to be determined. “Like previous exercises, this will be done after multiple teams (including HR, Risk and Operations) complete a talent density audit,” he continued.

At the time of writing, Binance’s careers page lists 326 open positions across various departments and locations. During the last bull market, Binance’s workforce grew from around 3,000 to around 8,000, with employees spread across Europe, the Americas, the Middle East, Africa and Asia.

In March, a Binance spokesperson told Cointelegraph that the company was looking to fill more than 500 positions by the end of June: […] We are not planning layoffs.” Furthermore, Binance CEO Changpeng Zhao said in January that the company plans to hire employees in 2023, which will increase the workforce by 15% to 30%.

member of the crypto community fast react For news, reviving Zhao’s previous tweets about layoffs at crypto exchanges.

Screenshot: Changpeng Zhao, CEO of Binance, warned users on Twitter on November 30, 2022.

Binance faces an unprecedented regulatory landscape. The US arm of the crypto exchange reportedly struggled to find a new banking partner to serve as a legal entry and exit point for customers following the closure of Silvergate and Signature Bank.

To maintain its global position in this environment, the exchange has acquired locally regulated entities, including recent deals in Singapore, Thailand and Japan.

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