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.

Also Read: Bitcoin Price Eyes Big Move As Lightning Network Hits Binance – $38k BTC On The Cards?

Anvesh reports major crypto updates around regulation, lawsuits and trading trends. Published around 1,000 articles and counting on crypto and web 3.0. He is currently based in Hyderabad, India. Reach out to him at [email protected] or twitter.com/BitcoinReddy

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.