Binance cuts employee benefits; hints at more layoffs as profits decline
- Crypto exchange Binance has cut employee benefits starting from June 19.
- Benefits including mobile-phone reimbursement, fitness reimbursement, and other staff-related bonuses have been removed.
- Binance attributed the decision to the current market environment and regulatory climate.
- The exchange hinted at the possibility of more layoffs as profit margins decline.
Looks like Binance is feeling the heat of the crypto market. With declining profit margins and a challenging regulatory climate, the exchange has decided to trim down employee benefits. This move might not sit well with the staff, and it’s possible that more layoffs will be on the horizon. Binance needs to navigate these rough waters carefully to stay afloat in the crypto sea.