“The SEC’s aggressive attempts to cripple our industry and the resulting impacts on our business have real world consequences for American jobs and innovation, and this is an unfortunate example of that.”
Binance has to let a third of their people go. This is what happens when governments regulate companies out of existence. Now a hundred people are looking for jobs, and for what?
'Company says its actions give it “seven years of financial runway.” ’
While it’s certainly a drastic move for many companies outside of the crypto space, cutting 33% of the workforce in a market that is down closer to 66% from its all time high is overall a fairly understandable move. Runway in the crypto industry is vital, as bear markets have historically lasted around 1-2 years on several occasions so far.
It’s important for people to read that crypto companies are toning it down and behaving more responsibly than the early days.
Indeed, @Nancy_Muellerhof. It’s an inevitable and necessary sign of increased maturity in the history of most emerging assets.