Tag: Binance

Binance lays off over 1,000 employees amid regulatory hurdle

Binance is reportedly laying off over 1,000 employees as part of a restructuring effort that could result in a reduction of more than a third. Wall Street Journal shared an insight on June 14. According to an unnamed Binance spokesperson, 1,000 people have already been laid off. They added that up to 3,500 people will lose their positions in Binance by the end of 2023. A week earlier, several senior executives, including chief strategy officer Patrick Hillmann and general counsel Hong Ng, also shared their departure from the company. Moreover,…

Binance headcount reduction hits 1,000 employees: Report

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Binance is celebrating its sixth anniversary, with over 1,000 people reportedly laid off in recent weeks, The Wall Street Journal reported. According to former employees, cuts were global and customer service workers were heavily affected, particularly in India. Including this week’s layoffs, over 1,000 employees have lost their jobs at the exchange. Before the slash, Binance’s global headcount was estimated at 8,000. Binance could lose more than a third of its staff due to the ongoing reorganization. Binance announced a 20% reduction in staff on May 31, claiming it was not…

Binance CEO reflects as exchange turns 6 — ‘It was never all smooth sailing’

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Binance CEO Changpeng Zhao wrote a letter addressing the exchange’s users, reflecting on past crypto winters and laying out key trends shaping up within the industry as the company celebrates its sixth anniversary.  Within the letter, Zhao highlighted some of the company’s challenges throughout its journey. The executive said that in January 2018, the firm saw new records for user registration. However, it was followed by a decline in the market. Despite this, the Binance executive noted that during this bear market, its team learned the importance of “prudent financial…

Crypto Twitter discusses US XRP ruling, citing possible Binance implications

Judge Analisa Torres of the US District Court rules XRP is not a security, sparking community debate on implications for the Binance lawsuit. In court, the judge denied the SEC’s request for summary judgment regarding programmatic sales of XRP and sales by confident leaders of the company. This ruling implies that XRP is not considered a security when sold to the general public. The verdict has created a mixed response, with the majority of the crypto community interpreting it positively, likely because they are primarily retail investors focused on the…

Binance appoints new general counsel to lead a team of 85 lawyers

Binance has appointed Eleanor Hughes as the new general counsel. She has been a member of the Binance legal team since November 2021. Hughes now takes over, leading a battery of 85 lawyers. Shift in Binance’s legal team Ina July 13 announcement, Binance CEO Changpeng Zhao, also known as CZ, shared that during their time working together, he has come to trust their legal advisor to protect users and manage risks on the platform. Binance has appointed Eleanor Hughes as its new general counsel. She joined Binance’s legal team in November…

Binance Labs Invests $15M in Web3 Gaming Startup Xterio

“The Xterio ecosystem is expanding faster than ever and bridges free-to-play genres with on-chain gaming enhanced by AI capabilities,” said Yi He, co-founder of Binance and head of Binance Labs. “The Xterio core team brings together experienced Web2 professionals with Web3 expertise; we look forward to closely working with them to allow gamers around the world to experience rich on-chain gameplay.” Source

Binance and BNB Feel Strain of World’s Regulators Leaping Into Action

“If the allegations against Binance are true, they implicate very serious criminal and civil misconduct, including national-security related issues,” said Alex Zerden, a former U.S. Treasury Department official who is founder and CEO of advisory firm Capitol Peak Strategies. “And given the exchange’s global footprint, the investigation into Binance and these allegations would likely span multiple jurisdictions and require sustained cooperation among multiple jurisdictions.” Source