Binance Faces Employee Downsizing, Executives also Departing
- Binance.US has cut a third of its staff, about 100 positions. Along with this, Exchange President and CEO Brian Schroder has also left the company.
- Binance US claims that the SEC's action has had a negative impact on the company's business and has led to the loss of jobs and innovation in the US.
- Even before this, Binance has laid off employees twice this year. In which it has laid off about 1000 employees.
Binance.US cuts staff one more time
Binance.US, the US arm of crypto exchange, has cut a third of its staff, around 100 positions. Along with this, Exchange President and CEO Brian Schroder has also left the company. A spokesperson for Binance.US confirmed the layoffs and Schroder's departure, adding that the action was taken to steer the exchange toward becoming a crypto-only exchange. Schroder joined Binance.US in September 2021 and has recently left the firm due to regulatory action taken against the firm. This step has been taken when the company is facing regulatory challenges from the US Securities and Exchange Commission (SEC). Binance US claims that the SEC's action has had a negative impact on the company's business and has led to the loss of jobs and innovation in the US. The decision reflects the challenges facing the cryptocurrency industry as regulators continue to scrutinize the sector.
Binance has done layoffs before too
Even before this, Binance has laid off employees twice this year. In which it has laid off about 1000 employees. Along with this, it is estimated that the exchange will lay off approximately 1,500 to 3,000 employees by the end of this year. Besides, many senior officers of the company are also leaving the firm one by one. At least 10 Binance executives have stepped down in the past few months. In which the company's Chief Strategy Officer Patrick Hillmann is also included. Apart from this, Mayur Kamat, Leon Foong, Steven Christie have also resigned, and now one more executive has left the firm. This is not a good sign for Binance. This clearly shows that Binance is in trouble. But Binance co-founder and CEO Changpeng “CZ” Zhao has dismissed recent rumors against his company. CZ has also assured that its balance sheet and employee position remain strong despite the recent market uncertainty, but once again the layoffs clearly show that the situation at Binance is not good.
Read Also : Despite failures in the courts, Gary Gensler remains steadfast
