Binance cuts benefits for workers in addition to layoffs: WSJ

Quick Take

  • Amid heightened regulatory scrutiny and declining market share, Binance is slashing employee benefits.

On top of laying off employees, Binance is also reducing benefits, according to The Wall Street Journal.

The newspaper reported last week that Binance, the world's largest cryptocurrency exchange, had laid off more than 1,000 employee in recent weeks. The company, which has billed itself as a “remote-first” company, at one point employed more than 8,000 employees around the world.

It's now cutting back on "mobile-phone reimbursement, fitness reimbursement and work-from-home expenses, " according to The Wall Street Journal. 

The exchange is battling a host of regulatory issues in addition to declining market share.

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