Binance could lay off thousands as company buckles down for DOJ probe, source says
Publishing timestamp: 2023-07-14 15:31:22
Summary
Binance plans to lay off between 1500 and 3000 employees in response to an ongoing Justice Department probe. The company has already laid off 1000 employees, and these layoffs are part of a larger plan. The probe could result in a multi-billion dollar payment if Binance settles the allegations. The company has been facing regulatory challenges and lawsuits from the SEC and CFTC. Binance's spokesperson disputed the higher number of layoffs and stated that they are re-evaluating talent and expertise in critical roles.
Sentiment: NEGATIVE
Tickers: BNB.CM=,
Keywords: binance/usd coin metrics, breaking news: technology, cryptocurrency exchanges, business news, technology, personnel, securities fraud, fintech, cryptocurrency, labor economy, investment strategy,
Source: https://www.cnbc.com/2023/07/14/binance-could-lay-off-thousands-in-response-to-doj-probe-source.html