Binance Lays Off 1,000 Workers After Execs Quit

Cryptocurrency exchange Binance has cut jobs just days after it was hit by a wave of executive exits, a source familiar with the matter told Jaiveer Shekhawat of Reuters.

Photo Insert: More than 1,000 people had reportedly been let go in recent weeks.

The layoffs at the world's biggest crypto exchange come at a time when the industry's future in the US market is uncertain, with regulators aggressively clamping down on what they deem are illegal activities.

The job cuts were first reported by the Wall Street Journal, which said more than 1,000 people had been let go in recent weeks.

"As we continuously strive to increase talent density, there are involuntary terminations. This happens in every company. The numbers reported by media are all way off," Binance CEO Changpeng Zhao tweeted, adding that the exchange is "still hiring."

Last month, the Securities and Exchange Commission (SEC) sued Binance and Zhao for allegedly operating a "web of deception."

Binance has said it would defend itself vigorously. The lawsuits against Binance and peer Coinbase Global underpin SEC Chief Gary Gensler's tough approach towards the industry, but a US judge recently siding with crypto firm Ripple Labs highlights that the regulator is facing an uphill battle.

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