U.S. cryptocurrency exchange Bittrex has laid off 83 employees, out of its workforce of roughly 284, per Washington State employment data.
A Bittrex spokesperson told Decrypt that the cuts will be felt across “most departments” at the company, and all impacted staff will receive 60 days of continued pay plus additional severance.
The Seattle-based exchange has a daily volume of around $19,846,416 and is currently ranked 32 on CoinGecko’s list of the top crypto exchanges.
Bittrex made headlines late last year for being on the receiving end of some of the largest fines received by a U.S. crypto exchange.
The Treasury’s Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN) alleged that the exchange had facilitated crypto transactions of over $263 million between March 2014 and December 2017 on behalf of people from the Crimea region of Ukraine, Cuba, Iran, Sudan, and Syria.
Bittrex joins list of layoffs
But the latest news puts Bittrex in line with a host of other crypto exchanges.
Almost all the world’s most popular exchanges have announced layoffs this year, including Huobi, Coinbase, and Crypto.com. Binance’s chief executive Changpeng “CZ” Zhao also warned staff of a “bumpy” several months in December.
It’s not just exchanges that have been exploring mass-scale redundancy, either, sleuthing firm Chainalysis confirmed a round of layoffs earlier today.
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Source: https://decrypt.co/120435/crypto-exchange-bittrex-lays-off-83-employees-across-most-departments
