Breaking: Binance Blames Profit Dip For Cutting Staff Benefits

Crypto News: World’s top crypto exchange Binance had reportedly slashed employee benefits, in what was likely part of cost cutting measures in the current market scenario. According to a Wall Street Journal report, the company slashed employee benefits in June 2023 due to reduction in profits in recent times. The exchange is currently dealing with legal troubles in multiple jurisdictions, including in the United States. In June 2023, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the crypto exchange over violation of the securities laws.

Also Read: Ethereum Price Momentum Builds With Climbing Open Interest, Will Bulls Rally?

The report said that the reduction in staff benefits were made effective on June 19, 2023. Benefits including mobile phone reimbursement, fitness reimbursement and work from home expenses, among other items were stopped, it added.

Binance Remains Profitable

The Wall Street Journal report quoted former Binance employees as saying that they received an internal communication in this regard. Despite this, the company’s chief executive officer CZ recently said Binance remains profitable. Earlier on Monday, CoinGape reported that the crypto exchange announced its integration of the Bitcoin Lightning Network.

Also Read: Bitcoin Price Eyes Big Move As Lightning Network Hits Binance – $38k BTC On The Cards?

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.