Binance to cut employee benefits

Bitcoin exchange Binance is preparing to cut corporate perks for employees, citing a decline in profits. The Wall Street Journal reports.

Since June 19, the company has stopped offering certain perks, including mobile-phone reimbursement, fitness, and remote-work allowances.

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“Given the current market environment and regulatory climate, which, unfortunately, have led to a decline in profits, we must be more careful with our spending,” the platform’s spokesperson said in a statement.

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Further reductions may also be possible in the future, Binance said.

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At a meeting to mark the sixth anniversary of the company, founder Changpeng Zhao said the firm remains profitable and is not facing any difficulties due to the U.S. Securities and Exchange Commission investigation.

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According to The Wall Street Journal, in recent weeks Binance cut more than 1,000 employees. A exchange spokesperson confirmed the information but declined to provide specific figures.

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Earlier in June, reporter Colin Wu said the company began layoffs, which would affect up to 20% of staff.

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Earlier, Binance left a group of top executives. Among those who left were Chief Strategy Officer Patrick Hillmann, Senior Vice President of Compliance Steven Christie, and Chief Legal Officer Han Ng.