The Wall Street Journal reveals on Binance's sixth anniversary: Binance faces regulatory scrutiny, plans global layoffs of 1,000 employees.

The Wall Street Journal released an exclusive report on the occasion of Binance's sixth anniversary, alleging that more than 1,000 employees have left in the past few weeks, with ongoing personnel changes.

Binance, a globally recognized cryptocurrency exchange, is reportedly undergoing a massive global layoff, potentially losing one-third of its workforce, in response to regulatory pressures from the United States and other countries, as reported by The Wall Street Journal. According to sources familiar with the matter, over 1,000 employees have already resigned in the past few weeks, and the wave of layoffs is expected to continue, with Binance possibly losing more than a third of its staff.

Customer service department especially affected, with over 30 employees in India at risk

The Wall Street Journal reported that more employees, particularly in the customer service department, have received termination notices this week. The global layoffs are expected to include over 30 customer service personnel in India.

Prior to this, Fortune magazine reported that several senior executives at Binance US had resigned due to lawsuits, a claim that was denied by the founder, Changpeng Zhao.

Binance spokesperson confirms layoffs but declines to disclose numbers

The Wall Street Journal stated that a spokesperson for Binance has confirmed the layoff news but declined to provide specific figures. The spokesperson mentioned that the layoffs are aimed at focusing on enhancing talent density within the organization to ensure flexibility and vitality.

The Binance spokesperson stated, "Over the past six years, our team has grown from 30 people to nearly 8,000 worldwide. As we prepare for the next significant bull market cycle, we are acutely aware that we need to focus on the density of talent within our organization to ensure we remain agile and vibrant. This is not a case of downsizing but rather a reassessment of whether we have the right talent and expertise in key positions. This will include a review of specific products, business units, employee benefits, and policies to ensure our resources are appropriately allocated to reflect the evolving needs of users and regulators."

On the same day, July 15, as Binance celebrated its sixth anniversary, Changpeng Zhao, also known as CZ, the founder of Binance, released a personal letter to the community, reflecting on the past six years, acknowledging challenges faced by Binance, and outlining three major trends for the future.