Coinbase Fires 15+ People From Its Support, Compliance And Fraud Departments

In today’s daily cryptocurrency news, a new report that emerged on Yahoo! shows that one of the leading exchanges in the world, Coinbase, decided to downsize its operations and eliminate more than 15 people from its support, compliance and fraud departments.

What’s strange at this point is that all three of these departments are of utmost importance to the company – known for its commitment to regulatory compliance. According to the author of the report, Daniel Roberts, there isn’t an exact amount of the firings but the news was confirmed by an anonymous source.

One thing is certain at this point – Coinbase is downsizing.

The company did not post anything about downsizing on its blog, which is why this is only a (confirmed) rumor. However, according to Robert and his source, higher-ups at the firm are “handling communications poorly.”

Meanwhile, Coinbase has recently appeared in good health and even expanded the offerings for its institutional clients – even though this may have nothing to do with the downsizing decision. As Coinbase told Yahoo:

“We’ve learned that certain teams who are co-located are more efficient, effective, and happier in their roles. So moving forward, some teams—including Support, Fraud, and Compliance—will only hire employees into Coinbase offices.”

The report also shows that Coinbase layoffs have been expected by the employees in the company – which is why the remote decision may work for one of the leading exchanges in the future.