Binance CEO Changpeng Zhao believes that decentralized finance (DeFi) will surpass centralized finance (CeFi) in the next six years due to increasing adoption and accessibility for those without traditional banking access. He also sees institutional interest in crypto as a positive sign for the industry and its technology. Despite recent regulatory struggles, Zhao stated that Binance is committed to compliance and regulatory efforts, and highlighted the company's minimal exposure to bankrupt crypto firms. Additionally, The Wall Street Journal reported that Binance has laid off approximately 1,000 employees in recent weeks.

Binance, which recently celebrated its sixth anniversary, has reportedly laid off over 1,000 employees globally, with customer-service workers in India being heavily affected. The exchange had already announced a 20% reduction in staff on May 31, claiming it was reallocating resources. Binance's ongoing reorganization could result in the loss of more than a third of its staff, with the exchange under scrutiny in several countries and facing an investigation by the US Justice Department.

Binance, the cryptocurrency exchange, is laying off over 1,000 employees as it faces regulatory scrutiny and investigations in the US and other countries. The layoffs could result in Binance losing more than a third of its staff. Former employees have reported that customer-service workers were heavily affected by the cuts. The company has confirmed the layoffs but has not disclosed the exact number. Binance has been targeted by US regulators and is facing a continuing investigation by the Justice Department. The exchange recently decided to eliminate its physical presence in the US and is relocating or laying off about 150 people there.

According to CoinDesk, Circle has laid off some of its employees in order to improve its financial position. The company stated that this move will allow them to concentrate on their core business activities and execution. While they have reduced or ended investments in non-core activities and operational expenses, they have also identified new areas for investment and are continuing to hire in key areas of focus globally. Circle has recently made headlines for hiring former U.S. Commodities Futures Trading Commission head Heath Tarbert as its chief legal officer and former Goldman Sachs chief risk officer Craig Broderick to its board of directors.

June 28 (Cointime) -Credit Suisse will cut more than 20,000 jobs after being bought by UBS. Among them, New York bankers and traders are most likely to lose their jobs. This is another round of mass layoffs following Goldman Sachs, Morgan Stanley, JPMorgan Chase and others. Credit Suisse already cut some jobs in the first quarter of this year, but the bank still needs to cut costs further as clients withdraw funds and an expected slowdown in the U.S. economy. The layoffs, which will start in July and run through October, are aimed at reducing the combined UBS-Credit Suisse workforce by 30% or 35,000 people.

June 27 (Cointime) - Robinhood Markets, an online brokerage firm, is reportedly laying off around 150 full-time employees, which is 7% of its total workforce, in its third round of layoffs in just over a year. The cuts are being made to adjust to volumes and align team structures, according to an internal company message seen by the Wall Street Journal. Robinhood's spokesperson did not confirm or deny the layoffs, but stated that the company is ensuring operational excellence and teams may make changes based on volume, workload, org design, and more. Last year, Robinhood cut its total headcount by 9% in April and let go of 23% of its remaining staff in August.

June 22 (Cointime) - SoftBank's Vision Fund is reportedly preparing to start another round of layoffs, affecting about 13% of the unit's staff, with most of the reductions to occur in the US. This comes after the investment unit reduced its headcount by approximately 30% last fiscal year due to five straight quarters of losses.

June 16 (Cointime) - Exos Financial, which was established by former Credit Suisse CEO Brady Dougan, has faced challenges in the market, including missed payroll and layoffs. The company, which launched in 2018, aimed to be a modern investment bank with a digital platform, but its strategy of experimenting with various lines of business and acquisitions has not been successful. Despite raising an estimated $175 million, Exos has struggled to build a sustainable business and faces challenges in difficult markets.

Binance.US has reportedly laid off at least 50 employees from its legal, compliance, and risks departments following the SEC's lawsuit accusing the crypto exchange of violating federal securities laws. The sources requested anonymity as the matter is private. Binance has pledged to defend itself "vigorously" against the lawsuit. Meanwhile, retail crypto traders are reportedly shifting from Coinbase to Robinhood, with analyst Dan Dolev suggesting that Coinbase may be losing market share in retail crypto transaction volume to Robinhood.

The American affiliate of Binance Holdings has laid off an unspecified number of employees. The crypto firm is preparing for legal battle with US regulators. The exchange was targeted by the Securities and Exchange Commission last week alongside Binance Holdings Ltd., operator of the much larger crypto venue Binance.com, for allegedly mishandling customer funds, misleading investors and regulators, and breaking securities rules. The companies have disputed the allegations. Su Keenan reports on Bloomberg Television.