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Australian-Based Crypto Exchange Banxa Cuts 30% of Workers

Australian-Based Crypto Exchange Banxa Cuts 30% of Workers

One of the people affected by the significant layoff was managing director of Europe Jan Lorenc.

The Australian-based cryptocurrency exchange Banxa is reportedly reducing its staff from 260 workers to 160, with 70 people in total affected by the downsizing. This means that 30% of employees are now counting their last days in the company.

According to the official announcement released today, falling trading volumes and a huge number of workers were the two main reasons why the company decided to carry out the initiative and leave many people jobless.

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Holger Arians, the CEO of Banxa, stated that the crypto payments operator must take drastic action such as this in order to survive the current crypto bear market. Arians continued and added this in the message to Banxa’s staff:

"Our employee costs remain too high for us to be able to continue to operate in our current structure."

On top of that, one of Banxa’s spokesman mentioned that with the layoff, the exchange will be able to stay more focused in the light of catastrophic market conditions after Banxa faced a “hyper-growth” in the last 18 months.

In fact, Banxa joins the massively growing list of crypto-related organizations that are downsizing. For instance, earlier this year, Coinbase released over a fifth of its workforce, whereas Gemini and Crypto.com also followed the same path and fired 10% and 20% of their team members, respectively.

On the other hand, although many significant companies are firing their employees, it seems that there is actually a glimmer of hope for the unemployed. A few weeks ago, the Bahama’s crypto exchange FTX stated that it would be searching for new talents despite the fact that bears still reign supreme in the crypto market. Likewise, Binance followed the same path and promised to bring in 2000 more employees.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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