Circle, the parent company of Poloniex exchange has fired around 30 people which equates to around 10% of its overall staff.
Circle Fires 10% of its employees:
Circle, the owner of one of the top cryptocurrency exchange Poloniex, the firm behind SeedInvest and the stablecoin USDC has reportedly fired around 10% of its employees which equates to around 30 people in order to cut its overall operational cost. The same was reported by Jeremy Allaire of Coinbase to Coindesk.
According to Jeremy, they made the current changes to their staff in accordance with the market conditions which includes the latest restrictive regulations in the United States. He even mentioned that even after the step taking by the company, they still remain strong and will keep on moving ahead with their innovation and growth. They intended to work with such legislations that are ahead in terms of regulation of businesses related to cryptocurrency.
Jeremy posted a blog on 20th May stating that due to the current regulations, Circle has been forced to put restrictions on its users in the United States.