Binance reportedly sacked over 1,000 employees in recent weeks, further shrinking its previous 8,000-strong global workforce. The Wall Street Journal (WSJ) reported the mass retrenchment today (Friday), citing an insider source.

Binance Cuts More Jobs Globally

Former employees told WSJ that more staff members across the exchange’s global markets were fired during this week, with customer-service workers mostly affected. In India alone, about 40 employees in this category were let go, the outlet said.

The downsizing comes as regulatory pressure continues to mount on the exchange, which recently endured an exodus of senior executives. Already, about 50 employees working for the exchange’s so-called independent US subsidiary have been booted out.

However, earlier this month, Changpeng ‘CZ’ Zhao, the CEO of Binance, while reacting to the departure of Patrick Hillmann, the ex-Chief Strategy Officer and other key executives, dismissed speculations of troubles at the exchange, noting that “there is turnover at every company.”

Before then, Hillman in May rebuffed reports that Binance was pruning its workforce by 20% as a ‘cost-cutting measure,’ suggesting that the exchange was simply going through its regular ‘talent density audit and resource allocation’ exercise.