The cryptocurrency exchange Binance has laid off some staff days after key executives left the company.
“Over the last six years, we have grown from 30 to a team of almost 8,000 across the globe. As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organisation to ensure we remain nimble and dynamic,” a spokesperson for Binance said.
With regulators aggressively cracking down on what they view as illicit activity, the future of the industry in the U.S. market is unknown at the time of the largest cryptocurrency exchange’s layoffs.
The Securities and Exchange Commission filed a lawsuit against Binance and CEO Changpeng Zhao last month for allegedly running a “web of deception.” Binance has vowed to defend itself “vigorously.”
The Wall Street Journal broke the news of the layoffs first, reporting that more than 1,000 individuals had been fired in recent weeks.
A number of executives left Binance last week, including Patrick Hillmann, the company’s chief strategy officer.
