Business Desk: Retrenchment has hit the employees of crypto giant Binance. The company has shown the way out to more than 1,000 employees. Cryptocurrency exchange Binance has become the latest US company to make layoffs this year amid fears of a recession.
According to a report, crypto giant Binance has laid off more than 1,000 people in recent weeks, which could result in the exchange losing more than a third of its workforce.Last week, several executives also left Binance, including its chief strategy officer Patrick Hillman.
US regulators last month sued the crypto exchange and its CEO Changpeng Zhao for allegedly ‘fraudulent’. Binance has said it will defend itself ‘vigorously’.
In its complaint, US regulators accused Binance of secretly controlling customers’ assets, allowing them to divert customers’ funds to their liking.
Last month, as US regulators cracked down on Binance, the crypto market crashed 5 percent and bitcoin hit a 3-month low.
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