Crypto Hedge Funds Had a Great 2024, but Failed to Beat Bitcoin

Crypto hedge funds had a stellar 2024, but many failed to outpace bitcoin

input: The world’s largest crypto exchange is set to cut 100 jobs, or about 6 per cent of its workforce, as part of a broader cost-cutting drive, people familiar with the matter said on Monday.

Binance’s planned layoffs come just three months after the exchange doubled its headcount to 7,500 employees. The crypto exchange, founded by Changpeng Zhao, is also grappling with increased regulatory scrutiny and a downturn in crypto markets.

Binance did not immediately respond to a request for comment.

The layoffs are part of a broader cost-cutting drive at Binance, the people said, adding that some employees were notified on Monday. The people declined to be identified as the matter is private.

Binance’s planned layoffs come after a turbulent year for the crypto exchange. In March, Binance was fined $3.3m by the Monetary Authority of Singapore for breaking money-laundering rules. The crypto exchange is also facing a probe by the US Justice Department over potential money-laundering violations.

Moreover, Binance is contending with a downturn in crypto markets, which began in May. Bitcoin, the world’s largest cryptocurrency by market capitalisation, has fallen more than 70 per cent this year to trade below $17,000.Binance’s native token, BNB, has also lost three-quarters of its value in 2024 to trade at about $240.copy link

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Binance to cut 100 jobs in cost-cutting drive