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.

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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.

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