Binance, one of the world's largest cryptocurrency exchanges, has laid off 1,000 employees, or about 12.5% of its workforce, due to regulatory pressures and the downturn in the crypto market.
The Wall Street Journal reported Friday, citing a knowledgeable source, that more than a third of Binance staff, up from around 8,000 prior to the layoffs, could be affected by the layoffs.
A Binance spokesperson confirmed the layoffs to the WSJ but did not specify the exact number.
“As we prepare for the next big bull cycle, it has become clear that we need to focus on talent concentration across the organization to ensure we remain agile and dynamic,” the spokesperson said.
In addition, WSJ had previously made many claims about Binance, and they were unfounded. For this reason, the probability of this news being false is very high.
Binance is under the scrutiny of regulators around the world for its compliance with anti-money laundering and consumer protection rules.
However, after the Ripple victory yesterday, which came as a surprise in the crypto money market, the Bitcoin price is trading above $ 31,000.
On the other hand, the XRP price, which achieved an important victory in the case, is below the yesterday's level of $ 0.90, hovering at $ 0.74.
*Not investment advice.