Binance is set to dismss between 1,500 and 3,000 staff during the course of the year in answer to a current Justice Department survey, according to a current worker close to the business's intentions who spoke to CNBC. However, a spokesperson for the firm denied this higher figure. The Wall Street Journal mentioned earlier on Friday that 1,000 personnel had already been fired and this number is part of the overall total, the source from CNBC noted.Binance has had a number of securities and commodities violations highlighted by both the SEC and CFTC, with founder Changpeng Zhao playing down any worries.
In response to an ongoing Justice Department probe, crypto exchange Binance is making significant cuts to its global workforce. Sources familiar with the company's plans told CNBC that the layoffs will range from 1,500 to 3,000 employees, with a thousand already let go as of last Friday. The Justice Department's investigation is expected to bring about a multi-billion dollar settlement, which would have a major impact on the company's future. A Binance spokesperson, who spoke on the condition of anonymity due to their lack of authorization to discuss internal matters with the press, rebutted that the cutbacks will not reach 3,000. He or she stated that the decision to make cutbacks was based on a need to have talent present in all key positions in order to remain agile. The SEC and CFTC have both filed suit against Binance recently, citing mishandling of customer assets and violations of U.S. regulations. Founder Changpeng Zhao has continued to refute the claims against Binance, but the exchange has experienced a significant outflow of money in the wake of the lawsuits, as well as executive departures.
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