The world's largest crypto exchange has reportedly laid off more than 1,000 employees amid a blockbuster lawsuit from the Securities and Exchange Commission as well as impending enforcement actions from the U.S. Justice Department.
The cuts have happened over recent weeks, according to a source who spoke to The Wall Street Journal, and could end up reducing Binance's staff of approximately 8,000 by one-third. Customer service employees were disproportionately affected, former employees told the Journal, and the layoffs were distributed globally. An employee at the company confirmed to Fortune that there had been layoffs but didn't specify the exact number.
