Crypto Biz: Binance slashes costs, Ripple ready for US banks and crypto VCs return By Cointelegraph

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Crypto Biz: Binance slashes costs, Ripple ready for US banks and crypto VCs return

Published Jul 21, 2023 05:39PM ET Updated Jul 23, 2023 12:00PM ET

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Crypto Biz: Binance slashes costs, Ripple ready for US banks and crypto VCs return

The crackdown on crypto firms by the United States Securities and Exchange Commission (SEC) appears to have severely affected Binance’s business. During the past few weeks, the crypto exchange reportedly fired over 1,000 employees and slashed some benefits.

According to Binance, the “current market environment and regulatory climate” have caused a decline in profits, suggesting more cuts may be in the works. A spokesperson told Cointelegraph the firm would consider scaling back on “certain products, business units, staff benefits and policies” in response to business and regulatory concerns.

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