Crypto Exchange Binance Intends to Cut the Benefits of its Employees

Amidst declining profits, Binance has announced a cut of certain corporate benefits, such as reimbursements for mobile, fitness, and remote work, as reported by The Wall Street Journal on June 19.

A spokesperson from the platform claimed that the current market environment and regulatory climate have caused lower profits which necessitate cuts in spending. Further reductions may be made in the coming future.

However, CEO Changpeng Zhao reassured employees of Binance’s continued profitability despite a lawsuit from the US Securities and Exchange Commission. Recent reports from the WSJ confirm that the company has laid off over 1,000 workers, although they refused to release specific figures.

This follows news of several top managers leaving the firm, including Chief Strategy Officer Patrick Hillmann, Senior Vice President Compliance Stephen Christie, and General Counsel Khan Ng. Colin Wu also noted that there would likely be 20% job losses across the platform.