Binance, the largest cryptocurrency exchange globally, is going to cut jobs of its several employees in the United States, according to reports. The company is reducing its workforce in the country as it faces regulatory challenges.
The layoffs reportedly affected employees in several departments, including compliance, marketing, and technology. Though it is unclear how many employees were laid off, the number is believed to be in the dozens.
The layoffs come as Binance is under investigation by the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC). The company has also been banned from operating in several countries, including the United Kingdom and Japan.
Binance has said that the layoffs are part of a ‘normal course of business’ and that the company is ‘committed to complying with all relevant regulations.’ However, the layoffs have raised concerns about the future of Binance in the United States.
There are speculations that the crypto exchange company is preparing to sell its U.S. operations and it could be going out of business altogether. However it is too early to say what the long-term impact of the layoffs will be on the company.
Binance has refrained from providing any specific comments on the downsizing reports. However the company has reiterated its commitment to comply with all relevant regulations of the government.
