Mercado Bitcoin: Largest Brazilian Bitcoin Exchange starts massive Employee Firing

Mercado Bitcoin, Brazil’s largest cryptocurrency exchange by trading volume, as of late fired “somewhere around” 20 employees in the midst of restructuring endeavors being made to “center around professionalization, better governance and greater dexterity in client service.”

Neighborhood news outlet Entry do Bitcoin supposedly addressed four now ex-employees that served at various progressive levels. One noted it “was appalling” and said that there “were individuals crying” over the event.

The ex-employees uncovered that senior executives began getting laid off not long ago, on October 15, with other employees being fired by an executive the exact next day. The company, advocating what was happening, uncovered it was restructuring its marketing and human resources departments.

Those met by the neighborhood news outlet asserted the influenced departments were covered after the cutbacks. One said that executives told employees that “it was a company minute, they expected to dry out their structure. To put it plainly, they went one stage over what was being charged.”

As per their records, Mercado Bitcoin fired employees it hired from other companies under a half year back and, sometimes, fired individuals that had been working there for under two months.

The move is prominent as the cryptocurrency exchange is the largest one in Brazil. As indicated by accessible data, it traded 4,150 BTC in September, and 1,965 BTC so far this month, which implies it speaks to more than 30 percent of the Brazilian market’s volume.


Crypto Exchanges Under investigation

Reacting to a demand for input from Entry do Bitcoin, the cryptocurrency exchange uncovered it has been “advancing changes in its structure” since the start of this current year to serve its users better. In October, its answer peruses, changes were made to the marketing, HR, and administrative departments, while others were left unaltered.


The exchange administrator included:

“As for personal and financial data, Mercado Bitcoin does not disclose its data to the market, but rather clears up that the quantity of individuals who left the company in October is essentially lower than demonstrated, achieving 20 individuals just, on the off chance that we incorporate consultants and other service suppliers.”


Exchanges in Brazil have been under investigation, as back in August the government sent them a 14-point questionnaire to take in more about their businesses and their potential use in money laundering. Prior this month, the nation’s antitrust watchdog, CADE, sent them another questionnaire they’ll need to answer or face a fine that can reach $25,000.


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