The company explained the layoffs by optimizing the next phase of its business
Cryptocurrency exchange bit2ok has cut a quarter of its staff, The Block writes, citing sources familiar with the situation. They claim that the company employs around 300 people, which means the cuts will affect 75 employees. It was informed last week.
“Bit2ok is making staffing changes to optimise the next phase of the business. Our top priority is to provide support to all employees who will be affected,” said a spokesperson for the crypto-exchange. The company stressed that it will continue to operate as usual and declined to comment further.
In late February, Bit2ok founders pleaded guilty to violating bank secrecy laws and agreed to pay a fine of $10 million each. The owners admitted that they did not intentionally create or implement an anti-money laundering (AML) system on the trading platform. The US DOJ claims that this made the crypto exchange the number one money laundering platform.