Bitcoin exchange Bittrex to cut about 30% of its staff

The cryptocurrency exchange Bittrex filed a WARN notice with the U.S. Department of Labor regarding layoffs amid unfavourable market conditions.

The move will affect 83 of its 284 employees.

A screenshot of a letter from Bittrex co-founder Richie Lai appeared on Twitter. According to him, the market downturn ‘toward the end of 2022 turned into a full-blown collapse,’ prompting the company to take such a step.

BREAKING: Bittrex begins layoffs today citing macroeconomic market conditions. pic.twitter.com/8cK2sdcENf

— Autism Capital 🧩 (@AutismCapital) February 1, 2023

In October 2022, OFAC and FinCEN fined Bittrex $29 million for repeated violations of sanctions policies and AML procedures.

Earlier, cut nearly 5% of the staff were announced by Chainalysis.

Since the start of 2023, Coinbase, ConsenSys, Genesis Trading, Blockchain.com, Gemini, Luno and Matrixport have reported layoffs.

In February, PayPal chief Dan Schulman announced a headcount optimisation — about 2,000 jobs to be cut.