Lays Off More than 2,000 Employees
Main page News, Cryptocurrency Exchanges

Popular crypto exchange has laid off more than 2,000 employees, which equates to about 40% of its staff, AdAge has reported citing sources inside the company.

Kris Marszalek, the company's CEO, announced in June the layoff of 260 employees, or 5% of the entire workforce. By the end of the summer, the number of people laid off reportedly increased eightfold.

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Former and current employees have reported the marketing division has been hit the hardest. According to them, the creative department was completely disbanded a few months after its inception.

In addition to withdrawing its €500 million UEFA Champions League sponsorship, has also terminated contracts with Los Angeles-based women's soccer team Angel City FC and streaming platform Twitch.

A spokesperson for has said the current developments are part of "a restructuring process" that "has allowed it to strengthen the position during the down cycle."

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