Binance to Cut Employee Benefits


Bitcoin exchange Binance is preparing to cut corporate benefits for employees, citing declining profits. It is reported by The Wall Street Journal.

As of June 19, the company has stopped offering certain benefits, including reimbursements for mobile, fitness, and remote work.

“Given the current market environment and regulatory climate, which unfortunately has led to lower profits, we need to be more careful with our spending,” a platform spokesperson said in a statement.

Further reductions are also possible in the future, Binance clarified.

At a sixth anniversary meeting, CEO Changpeng Zhao said the firm is still profitable and is not experiencing any difficulties due to the US Securities and Exchange Commission lawsuit.

Binance has laid off over 1,000 workers in recent weeks, according to the WSJ. A representative of the exchange confirmed the information, but declined to give specific figures.

Recall that in early June, reporter Colin Wu said that the company began laying off staff, which will amount to 20% of employees.

Earlier, a group of top managers left Binance. Executives who have left include chief strategy officer Patrick Hillmann, senior vice president of compliance Stephen Christie and general counsel Han Ng.

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