Crypto exchange Binance has laid off more than 1,000 employees in recent weeks, The Wall Street Journal has reported, citing its own sources.
According to the publication, the layoffs are continuing and the company could lose up to a third of its approximately 8,000-person workforce.
Former employees of the platform have said the cuts are occurring worldwide and have mainly affected customer services.
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A Binance spokesperson has confirmed the company is laying off employees.
He has said:
"As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic. This is not a case of rightsizing, but rather, re-evaluating whether we have the right talent and expertise in critical roles."
A number of senior managers have previously left the company. These include chief strategy officer Patrick Hillmann, senior vice president of compliance Steven Christie and general counsel Han Ng.