Cryptocurrency exchange Binance has reportedly laid off 1,000 employees as it faces regulatory scrutiny and investigations in the US. The layoffs were global, with customer-service workers being the worst affected.
Binance had a global staff of 8,000 prior to the layoffs.Binance, has laid off 1,000 people in the continued exercise to reduce its workforce, while the crypto giant battles federal investigations and regulatory crackdowns in the United States, Wall Street Journal reported.
The laying off of employees by Binance could result in the company loosing a third of its total workforce. This could radically diminish the business of the crypto giant.