Data provided by the CNBC portal and the Wall Street Journal confirm that the Binance exchange laid off 1,000 workers. The measure could continue up to 3,000 jobs.

In the midst of the crisis that the crypto market is experiencing and the potential sanctions that Binance could receive from the United States Department of Justice, the platform has decided to apply personnel cuts.

CNBC and the Wall Street Journal indicate that the dismissals “come in anticipation of the more than likely sanctions from the Department of Justice when it finishes its investigation.”

Binance currently has about 8,000 employees around the world. The thousand current layoffs have been carried out in different offices. If you reach an “out-of-court settlement with the department, it could cost you billions of dollars,” CNBC added.

It is important to remember that on June 5, the SEC established charges against the cryptocurrency exchange platform, as well as its founder, Changpeng Zhao.

The accusations allege that they have “blatantly ignored US securities laws and made billions of dollars in exchange for putting their clients’ assets at ‘significant risk’.”

The SEC notes that Zhao has attempted to increase his own profits to the detriment of Binance clients.

M.Pino

Source: finanzasdigital

(Reference image source: Priscilla Du Preez, Unsplash)

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La entrada Binance applies job cuts apareció primero en Bitfinance.

Snapchat announced this week a 20 % reduction in its workforce, of approximately 6,400 workers. The measure seeks to reduce costs and address poor performance during the current quarter.

In statements to Bloomberg, the platform indicated that in this quarter they achieved only 8 % growth in their income. The parent company made the decision to cut staff, as well as hire an operations manager.

It is noteworthy that Snapchat has never had a single-digit growth rate. This worries the directors of the company, which is now oriented towards cost reduction. In fact, any project or development that does not contribute to increased sales will be cut.

Snapchat shares fell as much as 79 % in New York, to reach US$ 10.90, which places it in the worst scenario since 2017. Without a doubt, a worrying scenario for all departments, in particular for the sector of advertising.

M.Pino

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Source: latercera

La entrada Snapchat will cut 20 % of its workforce to save costs apareció primero en Bitfinance.