Binance is cutting back on employee benefits, citing profit decline

Binance, the world’s largest cryptocurrency exchange, reportedly reduced certain employee benefits in June as part of revaluation efforts within the crypto company.

Certain employee benefits discontinued

According to a recent July 17 report from The Wall Street Journal, Binance announced that it has discontinued certain employee benefits, including cell phone charges, fitness subscriptions and work-from-home opportunities. The decision was reportedly made due to the “current market and regulatory environment”, which has led to a decline in earnings. This may require the company to take further cost-cutting measures.

The report follows an earlier one that suggested Binance let go more than 1,000 employees in a matter of weeks. Prior to its 6th anniversary on July 14, the crypto exchange employed approximately 8,000 employees.

A Binance spokesperson stated that the company would consider possible downsizing regarding “certain products, business units, employee benefits and policies” in response to business and regulatory concerns.

While Binance reportedly did not specifically mention the “regulatory climate” of the United States, the company is currently facing lawsuits filed by both the Securities and Exchange Commission (SEC) and the country’s Commodity Futures Trading Commission (CFTC). Both the crypto exchange and CEO Changpeng Zhao are accused of offering unregistered securities. Binance has finally dismissed these legal actions as an example of enforcement regulation.

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