Binance cuts benefits for workers in addition to layoffs: WSJ

Exchanges • July 17, 2023, 1:49PM EDT
UPDATED: October 9, 2023, 11:13AM EDT
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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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RT Watson profile picture RT Watson

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.

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