Embattled crypto exchange binance has stopped offering certain benefits to employees as company profits decline, according to the WSJ. HeleneBraunn reports.
“Considering the current market environment and regulatory climate that has unfortunately led to a decline in profit, we have to be more prudent with our spending,” an internal message stated.
The exchange, the world’s largest, will no longer be offering its workers mobile-phone reimbursement, fitness reimbursements and work-from-home expenses, among other benefits. Changpeng “CZ” Zhao, Binance’s CEO, however, told workers in a company meeting on Friday that Binance was still profitable and had not been impacted by the recent lawsuit against it by the U.S. Securities and Exchange Commission, according to attendees at the meeting that spoke to the Journal. He did say, though, that there could be additional layoffs every three to six months and that he did not know if and when the worker benefits that had been cut would be coming back.
“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," a Binance spokesperson wrote in an email to CoinDesk."This is not a case of rightsizing, but rather, reevaluating whether we have the right talent and expertise in critical roles.
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