The United States Department of Employment Security has issued a layoff notice, which states that the cryptocurrency exchange Bittrex, located in Seattle, will be terminating the employment of 83 employees. The number of workers at Bittrex is shown to be 284 by data obtained from LinkedIn.
Bittrex issued the following statement in response to the news:
“Unfortunately, due to market circumstances, Bittrex was obliged to lay off over 80 workers. These employees dwell all across the nation in a variety of locales.”
Bittrex and US sanctions
It is vital to know that Bittrex was formed in 2014 by three cybersecurity specialists to aid people in the process of purchasing and selling cryptocurrencies. The United States Treasury Department imposed penalties on the company in October last year, and the total amount of the sanctions was close to $29 million.
It is claimed that it let users from countries subject to sanctions use its platform and did not adhere to the regulations governing the prevention of money laundering.
The bigger cryptocurrency market has been in turmoil due to the abrupt demise of the digital asset exchange FTX. This has negatively influenced cryptocurrencies’ aim to supplant traditional currencies. The value of cryptocurrencies such as Bitcoin, Ethereum, and others has plummeted in the past year.
Other Firms also layed off
On the same accord, the top cryptocurrency exchange in the United States, Coinbase, conducted a wave of layoffs last month that affected 20% of its personnel.
This was the company’s second round of layoffs in less than a year. The uncertain state of the economy is prompting several other technology businesses to reduce their workforces to save money.
In conclusion, Bittrex had US$19 million in trade volume over the last 24 hours through Thursday morning, according to CoinMarketCap data.
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