Crypto giant Binance lays off more than 1,000 employees, says report

Crypto giant Binance has laid off more than 1,000 people in recent weeks in ongoing training that could see the exchange lose more than a third of its staff, the Wall Street Journal reported Friday, citing a person familiar with the moves.

Last week, a number of executives also resigned from Binance, including Chief Strategy Officer Patrick Hillman.

US regulators last month sued the cryptocurrency exchange and its CEO Changpeng Zhao for allegedly operating a “web of scams.” Binance said it would defend itself “vigorously”. More employees were laid off this week, according to two former employees, who said customer service workers have been hit hard.

The report added that the cuts were global, including about thirty customer service staff in India.

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