As we have seen the price action of the main cryptocurrencies by market capitalization bounce, we have also been able to closely follow what Binance has been doing since the U.S. government formally proceeded against its founder, Changpeng Zhao.
In this sense today, and according to information disclosed by CNBC, the cryptocurrency giant is crumbling, this if we take into account that it is presumed that in the following days up to 3,000 people will be fired from the important cryptocurrency exchange platform.
It is worth noting that according to Steve Saldaña's article in the Xataka portal, "At the beginning of June Binance was accused of embezzling funds. The accusation was directed against Zhao. According to the U.S. Securities and Exchange Commission, Zhao used $20 billion of Binance users' funds and redirected them to his trading company, Merit Peak"
Saldaña also noted that "The Binance cuts appear to be massive and global. The original report in The Wall Street Journal reads that the pace of layoffs means Binance will lose a third of its workforce. While a Binance spokesperson confirmed the cuts to the media outlet, he did not specify how many jobs have been lost."
From my perspective, the strategy of job cuts at Binance are part of a series of actions that the company has decided to undertake in the quest to create internal stability that will allow them to weather.
SOURCES CONSULTED
Xataka. Cryptocurrency giant crumbles: up to 3,000 people to be laid off at Binance, according to CNBC. Link
OBSERVATION:
The cover image was designed by the author: 
, incorporating image: Reuters
, incorporating image: Reuters 
