Binance has laid off 1,000 individuals as part of its ongoing effort to downsize its personnel as the crypto behemoth confronts federal investigations and regulatory crackdowns in the United States, according to the Wall Street Journal.
A number of professionals, including Binance’s Chief Strategy Officer Patrick Hillmann, left the company last week.
According to the article, the cuts were global, and included approximately three dozen customer-service professionals in India.
According to the article, Binance had a global staff of 8,000 before the layoffs.
A spokesperson for Binance acknowledged to WSJ that staff were being let go, but declined to reveal how many.
The exchange has been the target of a series of steps by US officials in recent months as they attempt to exert control over a business that has long remained unregulated.