Binance Fired over 1,000 Employees in Recent Weeks: Report

<p>Binance reportedly sacked over 1,000 employees in recent weeks, further shrinking its previous 8,000-strong global workforce. The Wall
Street Journal (WSJ) reported the mass retrenchment today (Friday), citing an
insider source. </p><p>Binance Cuts More Jobs Globally</p><p>Former
employees told WSJ that more staff members across
the <a href="https://www.financemagnates.com/terms/e/exchange/">exchange</a>’s global markets were fired during this week, with customer-service workers mostly
affected. In India alone, about 40 employees in this category were let go, the outlet said.</p><p>The
downsizing comes as regulatory pressure continues to mount on the exchange,
which recently endured <a href="https://www.financemagnates.com/cryptocurrency/binance-loses-top-executives-amid-regulatory-challenges/" target="_blank" rel="follow">an exodus of senior
executives</a>. Already, <a href="https://www.financemagnates.com/cryptocurrency/binanceus-reportedly-laid-off-dozens-of-staff-amid-sec-lawsuit/" target="_blank" rel="follow">about 50 employees</a> working for the exchange’s
so-called independent US subsidiary have been booted out.</p><p>However,
earlier this month, Changpeng ‘CZ’ Zhao, the CEO of Binance, while reacting to
the departure of Patrick
Hillmann, the ex-Chief Strategy Officer and
other key executives, dismissed speculations of troubles
at the exchange, noting that “there is turnover at every company.”</p><blockquote><p lang="en" dir="ltr">4. More FUD about some departures. Yes, there is turnover (at every company). But the reasons dreamed up by the “news” are completely wrong.As an organization that has grown from 30 to 8000 people in 6 years, from 0 to the world’s largest crypto exchange in less than 5 months…</p>— CZ