Crypto Startup Circle Fires 10% Of Its Staff Due To Harsh Regulatory Climate

Crypto startup Circle, the Goldman Sachs-backed startup blamed shed 10 percent of its staff and according to the CEO, the reason is the harsh regulatory climate. Following the latest cryptocurrency news, the company confirmed that 30 people were laid off.

CEO Jeremy Allaire confirmed on social media that the decision comes because of the difficulties with the regulatory climate in the United States. Allaire stated:

 “Today we made organizational changes at Circle and eliminated approximately 30 positions, which is about 10% of our employees. We made these changes in response to new market conditions, most importantly, an increasingly restrictive regulatory climate in the United States.”

As it was previously reported in the altcoin news, Allaire outlined the slow progress on the unification of the patchwork regulatory landscape but he said he was very hopeful that improvements will follow in the future. He commented while he attempted to explain why the crypto startup Circle cut off the access to multiple trading pairs on Poloniex which is a crypto exchange that was acquired by the company in 2018.

Allaire also underscored Circle’s health as a company in general by saying:

“Circle remains strong and healthy, and we will continue to drive new product innovation and growth globally, working with jurisdictions that offer forward-looking policies regulating digital asset businesses, while we press for more balanced crypto policy in the U.S.’’

Also, the crypto news outlet The Block reported that Circle even lowered its March fundraising goal which was $250 million by 40 percent but the sources remained unknown. Circle is simply another company in the industry business to get a shed of its workforce fired over the past two years. The climate was extremely challenging due to the harsh crypto winter.

For example, the Bitcoin mining giant Bitmain and the crypto startup ConsenSys had also reduced the number of the staff because of the bad climate. Huobi was one of the companies which also cut down on its workforce during the crypto winter. Since then, the markets rebounded and bitcoin increased and is slowly approaching $8,000. The rest of the crypto market also reported moderate gains and their prices are slowly increasing and strengthening.