Binance slashed its employee benefits last month in the wake of falling profit, a sign of the financial strain hitting the crypto giant. The company cut more than 1,000 employees in recent weeks and has plans to cut more, the Journal reported Friday. Several hundred additional customer-service employees were cut last week, former employees said. Binance has said it intends to defend its platform and fight the charges in court and that it would continue operating. Binance, the largest cryptocurrency exchange by trading volume, had a global workforce of 8,000 earlier this year.

Source: Wall Street Journal July 17, 2023 17:13 UTC