Binance Cuts 1,000 Jobs, Including Indian Team, Amidst Regulatory Scrutiny

Binance, one of the world’s largest cryptocurrency exchanges, has reduced its workforce by 1,000 employees globally, including its team in India. The layoffs come amid ongoing federal investigations and increased regulatory scrutiny in the United States.

The customer-service department has been most affected, with 36 employees in India being let go. Speculations arose that Binance might sell its US operations or even face closure entirely. The company now aims to focus on agility and will reassess its talent pool and expertise in various roles.

Last month, founder Changpeng Zhao was sued by the Securities and Exchange Commission for allegedly operating illegally in the US. Binance denies the accusations and is striving to obtain operational licenses in Europe.

However, the company’s future stability is uncertain as Zhao faces charges and refuses to step down from his position. In contrast, Binance had previously made headlines by expressing plans to expand its workforce and assuring that layoffs were not on the horizon.