Cryptocurrency exchange Binance is cutting its workforce by more than 1,000 employees globally as it deals with ongoing investigations by U.S. regulators, a source told the The Wall Street Journal. Binance has been the target of U.S. regulators recently. Terminations at the exchange have occurred over recent weeks, the Journal's source said, and could impact more than a third of Binance’s staff. A Binance spokesperson confirmed to the the Journal that layoffs were occurring, but did not provide any information on how many jobs would be cut. “As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic,” said the Binance spokesperson.

Source: Wall Street Journal July 14, 2023 21:37 UTC