Binance massively lays off staff in face of DOJ investigation: sources

According to the WSJ, Binance has already more than a thousand employees on the tile. The crypto exchangewhich is said to be under investigation of the DOJ, would count fire an third party of its workforce in 2023. CZ denies figures given by the press.

The number 1 in crypto-trading has carried out a major wave of redundancies with over 1000 departuresreported Friday Wall Street Journalciting a person close to the case.

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The cup comes at a time when Binance and its founder are being sued in the USA by regulators SEC and CFTC. Also, the U.S. Department of Justice is reportedly investigating the platform run by Changpeng Zhao alias CZ.

In Europethe situation is also deteriorating for Binance. The company was recently forced to withdraw from Belgium and the Netherlands. Its French subsidiary is also under investigation for money laundering.

A Binance spokesperson told the press that the crypto exchange ” was revaluing “its staffwithout specifying the number of employees made redundant.

“We are preparing for the next major bull cycle and it has become clear that we need to focus on talent density across the organization to ensure we remain agile and dynamic. There is no not a question of resizing, but rather of re-evaluating whether we have the right talent and expertise in critical roles,” he explained.

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Meanwhile, a source quoted by CBNC said Friday that Binance plans to shed a total of about a third of its teams this year, between 1500 to 3000 people.

Department of Justice investigation is likely to fundamentally reshape the company,” the employee told the American TV station.

The CEO and founder of the crypto conglomerate yesterday tweeted on the subject.

We continually strive to increase talent density, there are involuntary layoffs […] The figures reported by the media are all way off. 4 FUD. On the bright side, they just can’t stop talking about us. We’re always recruiting, wrote CZ.

Earlier this month, several Binance executives, including its Chief Strategy Officer Patrick Hillmannhave jumped ship.

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