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coin basethe second largest exchange in the world (after Binance), will cut the payroll by 20% in the coming weeks after weeks of havoc on the exchange. cryptocurrencies.
In a blog post, the company said it would lay off 950 employees and cancel projects “that would have a lesser chance of success.”
Cryptocurrency winter
Executive Director coin baseBrian Armstrong, pointed out that this movement is due to “the consequences of unscrupulous actors”, which is clearly related to the FTX disaster under the command of Sam Bankman-Freed.
“coin base well capitalized and cryptocurrencies they’re not going anywhere. In fact, I believe that recent developments will ultimately be of great benefit. coin base (bankruptcy of a major competitor, clarification of the regulatory framework, etc.) and confirmation of our long-term strategy. But it will take time for these changes to bear fruit, and we need to ensure sufficient operational efficiency to weather the downturns in the cryptocurrency market and take advantage of the opportunities that are opening up. So I made the difficult decision to cut our operating expenses by about 25% quarterly, including layoffs of about 950 people. All affected team members will be informed today,” Armstrong said.
Ttas analyzes the market and its merits by 2023, coin base he sees no viable boost in self-confidence in the face of a recession in the cryptocurrency market without cutting his staff.
coin base It has been undergoing a restructuring since mid-2022, when its shares plummeted amid a global downturn in the industry. At that time, he fired 18% of his staff.
Problems in legislation
coin base agreed to pay New York a $50 million fine a few days ago as part of its compliance program, which violated the state’s banking laws.
According to the state, the app had flaws that left the company vulnerable to serious activities such as fraud, money laundering and drug trafficking.
besides, coin base agreed to invest an additional $50 million over the next two years.
Staff coin base in the US, they will receive a minimum of 14 weeks of base salary plus two additional weeks for each year of service, health insurance, and other benefits as compensation. For those from the outside, they will act in accordance with the labor laws of each country.
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Source: RPP
I am Ben Stock, a passionate and experienced digital journalist working in the news industry. At the Buna Times, I write articles covering technology developments and related topics. I strive to provide reliable information that my readers can trust. My research skills are top-notch, as well as my ability to craft engaging stories on timely topics with clarity and accuracy.