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?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Trump Tariffs: Crypto Market Surges After $400B Dividend Announcement for Americans
- Michael Saylor Hints Bitcoin Buy As Goldman Sachs Predicts Three Fed Rate Cuts
- What’s Behind Ethereum’s Drop: Macro, TVL, DeFi & Liquidity Zones
- Bitcoin ETFs Record Biggest Daily Outflow Since August as OG Whales Cash Out
- CZ Trump Pardon: Binance Founder Denies Any Trump Family Ties
- After a 17% Jump, Is Litecoin Price Rebound Sustainable Amid Dominant Sell Activity?
- Cardano Price Soars 10% Amid Retail Accumulation: Will Bulls Target $1?
- Bitcoin Price: How Low BTC Could Fall by the End of 2025?
- Post-Giveaway Supply Shock: Impact on FUNToken’s Liquidity and Market Depth
- Aster Price Poised to Hit $2 as Coinbase Adds ASTER to Listing Roadmap
- Filecoin Price Rockets 51% as Grayscale’s FIL Holdings Hit Record High — What’s Next for FIL?
