Binance lays off employees days after executive exodus

The numbers reported by media are all way off,” Binance CEO Changpeng Zhao tweeted, adding that the exchange is “still hiring.”

“As we continuously strive to increase talent density, there are involuntary terminations. This happens in every company.

July 14 (Reuters) – Cryptocurrency exchange Binance has cut jobs just days after it was hit by a wave of executive exits, a source familiar with the matter told Reuters on Friday.

The European Union has already approved the world’s first comprehensive set of rules for cryptoasset markets, but the FSB’s ‘global baseline’ minimum standards are designed to accommodate jurisdictions that want to go further.

Bitcoin has reached 13-month highs as the sector recovers from last year’s rout, bolstered by a landmark legal victory for Ripple Labs Inc on Thursday, which had challenged regulators over how far tokens should come under U.S.

securities law.

The lawsuits against Binance and peer Coinbase Global underpin SEC Chair Gary Gensler’s tough approach towards the industry, but a U.S.

judge recently siding with crypto firm Ripple Labs highlights that the regulator is facing an uphill battle.

“As recent events have illustrated, if linkages to traditional finance were to grow further, spillovers from cryptoasset markets into the broader financial system could increase,” the FSB said.

Last month, the Securities and Exchange Commission (SEC) sued Binance and Zhao for more info allegedly operating a “web of deception.” Binance has said it would defend itself vigorously.

Applications for spot bitcoin exchange-traded funds (ETFs) from asset management giants BlackRock and Fidelity have also been viewed as a vote of confidence for the industry.

Both borrow universal guard rails from mainstream finance before the sector grows big enough to pose a threat to financial stability by focusing on robust governance to avoid conflicts of interest, and proper risk management and disclosures to ensure that customer money is segregated from company cash.

The watchdog also revised its existing recommendations for stablecoins in light of the demise of TerraUSD/Luna coins. The FSB published on Monday final recommendations requested by the G20 on supervising firms that trade cryptoassets such as bitcoin.

“Therefore, cryptoasset players need to stop operating outside the regulatory perimeter or in non-compliance with existing rules,” FSB Secretary General John Schindler told reporters.

The collapse of FTX in November 2022 highlighted vulnerabilities from crypto firms and the FSB said that all countries should apply the recommendations, even those that are not members of the watchdog.

FTX was based in the Bahamas, not an FSB member.

LONDON, July 17 (Reuters) – Globally agreed rules leave crypto firms with no option but to introduce basic safeguards to prevent the blow-ups seen at FTX exchange and other crypto casualties, the G20’s Financial Stability Board said on Monday.

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 spokesperson for Binance said. “Over the last six years, we have grown from 30 to a team of almost 8,000 across the globe.

The layoffs at the world’s biggest crypto exchange come at a time when the industry’s future in the U.S.

market is uncertain, with regulators aggressively clamping down on what they deem are illegal activities.