Bitcoin exchange CoinFLEX begins wave of layoffs after suspending user withdrawals

Key facts:
  • CoinFLEX joins the list of bitcoin exchanges that have laid off workers from a bear market.

  • This initiative comes days after the stock exchange suspended withdrawals from its users.

The bear market running through Bitcoin (BTC) and other cryptocurrencies in 2022 caused various exchanges to suspend withdrawals from their users and start a wave of layoffs. Now CoinFLEX has joined this list.

This company, which offers trading in Bitcoin and other cryptocurrencies, announced on July 29: “Unfortunately, we had to abandon a large number of CoinFLEX teams across all departments and geographies.” In addition to layoffs, he noted, they have reduced other costs to be able to afford them in the current bear market.

“The reductions in headcount and non-staff costs that we have made will reduce the cost base by about 50-60%. Most of the remaining team is focused on product and technology, which remains at the core of our business,” the exchange said.

The company also indicated that it will expand as “volumes” return. This initiative comes after a month suspended Cryptocurrency withdrawals from its usersThat affected traders from different countries. According to a recent study published in CriptoNoticias, CoinFLEX is one of the most used global exchanges for trading.

Other bitcoin and cryptocurrency exchanges that have recently led to mass layoffs include Coinbase, Buenbit, Gemini, Crypto.com, and Blockchain.com. Meanwhile, some like Binance have also resorted to suspending withdrawals and other companies in the ecosystem, such as Celsius and Voyager, have gone bankrupt in the face of a bear market.

 

 

 

 

 

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