Binance Has Reportedly Laid Off 1,000 Employees, The Crypto Market Is Giving Negative Signals This Week

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binance has reportedly laid off 1 000 employees the crypto market is giving negative signals this week 3e7d4d9

DIKSIA.COM - CALIFORNIA, U.S. once again carried out layoffs (PHK) for 1,000 employees from various departments this weekend

The layoffs were carried out by amid a heated Securities and Exchange Commission (SEC) lawsuit against Binance CEO Changpeng Zhao over allegations of conducting illegal transactions.

Additionally, citing Reuters, Binance has also been accused of violating the U.S. Securities Acts of 1933 and the Exchange Act of 1934 by selling unlisted securities investments.

It also engages in market manipulation and wash trading with the aim of increasing the trading volume of crypto assets on Binance US.

This issue resulted in the SEC dropping 13 lawsuits and suspending all of Binance's US dollar fiat currency deposit and withdrawal transactions.

Unfortunately, after Binance was sued by the SEC, Binance's investment business slowly faltered until this famous crypto buying and selling platform saw an outflow of $503 million.

Several parties felt that the layoffs made by Binance this time were deliberately done to keep the company's investment business alive amid regulatory uncertainty.

“We are preparing for the next major bull market cycle. We need to focus on talent density across the organization. The goal is to ensure we remain agile and dynamic,” said a Binance spokesperson.

Layoffs like these aren't the first time Binance has taken action. Back in June, the largest crypto exchange in America laid off 50 employees from its legal and compliance teams and 1,600 employees from its California office.

Even though layoffs are said to be able to reduce cost overruns amid the decline in crypto asset sales business on the Binance exchange.

However, as a result of these mass layoffs, the continued to witness a red report for the past 24 hours.

Like Bitcoin, which was reportedly down 2.95 percent to $30,349 per coin, followed by Ethereum, which was down around 2.94 percent to $1,943 per coin in Coinmarketcap trading on Saturday (15/07/2023). fell.

A similar drop occurred in BNB, where this crypto coin lost 2.70 percent over the past 24 hours, lowering its price to $251.

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