WASHINGTON: Crypto giant Binance has laid off more than 1,000 people in recent weeks in a continuing exercise that could result in the exchange losing more than a third of its staff, the Wall Street Journal reported on Friday, citing a person familiar with the moves.

Last week, a string of executives also quit Binance, which included its Chief Strategy Officer Patrick Hillmann.

US regulators last month sued the crypto exchange and its CEO Changpeng Zhao for allegedly operating a “web of deception”.

Binance has said it would defend itself “vigorously”.

More employees were laid off this week, according to former employees, who said customer-service workers were heavily affected.

Published in Dawn, July 15th, 2023