cut its workforce by 28% to let go of 28% of its employees in a bid to achieve profitability in 2023. It also cut 25% of its workforce in July 2022, affected by the collapse of 3AC.,

The year has changed, but the effect of Crypto Winter remains the same. is the latest crypto firm to let go of its staff in a cost-cutting measure. The firm is set to grow its workforce by 5x in 2021, but now believes it is important to right-size its workforce.

A source familiar with the situation told BeInCrypto that announced on Thursday the layoff of 28% of its full-time employees. The firm also laid off 100 contract employees on Tuesday, which was about 80% of the total contractors.

The collapse of Three Arrows Capital had a huge impact on Earlier, it had laid off over 150 employees in July, which was a quarter of the total workforce.

“Returning to profitability in this environment is our best strategy, and achieving this in 2023 requires reducing our costs,” explains Peter Smith, CEO of

Binance plans to expand team while industry experiences mass layoffs

Not only, but also crypto exchange Coinbase announced on Tuesday to reduce the workforce by 950 employees. It has laid off more than 2000 employees from June 2022.

Indian crypto exchange CoinDCX reportedly laid off 80-100 employees across marketing, branding and activation teams for restructuring.

But as competitors are laying off their staff, Binance CEO Changpeng Zhao plans to expand the team. At the crypto finance conference in St. Moritz, Zhao announced that they want to increase the workforce from 15% to 30% in 2023.

However, Professor of Applied Economics Steve Hanke predicts there will be further cuts for the wider industry.

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BeInCrypto has reached out to the company or individual involved in the story for an official statement regarding the recent developments, but has not yet received a response.

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