Cryptocurrency exchange Binance is planning to lay off hundreds of employees in response to an ongoing investigation by the US Department of Justice, which will likely end in a settlement.
According to sources familiar with the matter, the dismissals may include between 1,500 and 3,000 employees in the global base of Binance employees.
The sources added that the job reduction process will continue until the end of this year.
The Wall Street Journal reported that Binance had already laid off 1,000 employees, while sources stressed that these layoffs are part of the planned total.
She also made it clear that the DOJ investigation is likely to radically reshape the company.
If Binance chooses to settle the US Department of Justice's allegations, it could result in billions of dollars in payments.
Last June, Binance faced accusations of mixing billions of dollars of user funds and sending them to a European company controlled by the Binance chairman.
But a federal judge then signed a temporary agreement between the US Securities and Exchange Commission and Binance and its US unit to ensure that clients' assets in America will remain inside America until the lawsuit filed by the agency is resolved.
