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BitMEX crypto exchange cuts a quarter of its staff

BitMEX crypto exchange cuts a quarter of its staff

The company justified the layoffs by the optimization of the next business stage.

According to The Block, the company employs about 300 people, which means the layoffs will affect 75 employees. They were notified of the cuts last week.

"BitMEX is making personnel changes to streamline the next stage of the business. Our major priority is to provide support to all employees affected," said a crypto exchange spokesperson. The company pointed out that they will continue to work as usual and refused to give any further comments.

In late February, BitMEX founders Arthur Hayes and Benjamin Delo pleaded guilty to violating the bank secrecy law and agreed to pay a fine of $10 million each. Hayes and Delo admitted they had not intentionally created or implemented an anti-money laundering (AML) system on the trading platform. U.S. Justice Department said it made the cryptocurrency exchange the number one money laundering platform.

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Over the past 12 months, the cryptocurrency market has grown by 36%, raising its capitalization to a record $9.3 billion. This boosted both the development of existing crypto exchanges and the creation of new ones. Therefore, newcomers as well as experienced traders often find it difficult to decide which exchange is the best to trade on. We have compiled our own list of centralized cryptocurrency exchanges for EU and US residents to solve this issue.  

Read more: Best centralized crypto exchanges in 2022

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