Binance lays off over 1,000 employees

Crypto giant Binance has laid off more than 1,000 people in recent weeks in a continuing exercise that could result in the exchange losing more than a third of its staff, the Wall Street Journal reported on Friday, citing a person familiar with the moves.

Last week, a string of executives also quit Binance, which included its Chief Strategy Officer Patrick Hillmann.

U.S. regulators last month sued the crypto exchange and its CEO Changpeng Zhao for allegedly operating a "web of deception." Binance has said it would defend itself "vigorously."


More employees were laid off this week, according to former employees, who said customer-service workers were heavily affected. The cuts were global, including about three dozen customer-service employees in India, the report added.

Binance did not immediately respond to a Reuters request for comment.