Coin An confirms personnel optimization and will open hundreds of positions while adjusting organizational structure

Interface News Reporter | Sima Linwei

The world's largest cryptocurrency trading platform, Coinan, is also undergoing organizational restructuring.

On May 31st, according to Wu Shuo, blockchain quoted multiple sources as saying that the world's largest cryptocurrency trading platform, Coinan, has started layoffs, and the proportion is currently uncertain. The total number of people in Qian'an is approximately 8000, and compensation plans will be formulated based on different situations in different regions. There are rumors in the market that the proportion of layoffs in June was about 20%, and a few departments are still continuing to recruit. Wu said that the layoffs may be related to the overall poor market situation and the previous significant expansion of the number of people in Coin An.

For this message, Coin security responded to the interface news by stating: In the past 6 years, Coin On has grown from 30 employees to a team with nearly 8000 employees worldwide. As the company grows, we need to focus on talent density at all levels of the organization to ensure we maintain agility and vitality. This is not a matter of adjusting the size of the organization, but a reassessment of whether we have the right talent and sufficient professional knowledge in key positions. Therefore, we will continue to Place hundreds of vacant positions, including certain products and business departments, to ensure that our resources are reasonably allocated to meet the constantly changing needs of users and regulatory authorities

Patrick Hillmann, the Chief Communications Officer of Coin An, subsequently denied the 20% layoffs on social media. He said, "Coin An did not cut 20% of its employees as a cost reduction measure. Coin An has experienced real exponential growth in the past five years and has correspondingly increased its workforce. This is a historic operational challenge that needs to be overcome

As of now, in public data statistics, the number of employees in Coin An is one of the highest in the cryptocurrency field and also the largest cryptocurrency enterprise overall. In major statistical websites, the transaction volume of Coin An far exceeds that of other encrypted trading platforms. According to the latest official proof of reserve assets, the current value of its reserve assets exceeds $50 billion.

As mentioned in its response, the demand from regulatory authorities is one of the areas where the encryption giant has invested the most in recent years. On May 13th, Coin On announced on its official social media platform that it will follow the footsteps of other cryptocurrency companies and officially withdraw from the Canadian market, mainly influenced by recent new regulatory guidelines for cryptocurrencies by Canadian regulatory authorities.

Zhao Changpeng, founder and CEO of Coin An, has stated that Coin An is committed to maintaining transparency and cooperation with regulatory and law enforcement agencies (LE) in the United States and globally. Coin An currently has a compliance team of over 750 people, many of whom have previous backgrounds in law enforcement and regulatory agencies.

After the cryptocurrency winter of 2022, most cryptocurrency companies have chosen to lay off employees to reduce operating costs. Since the beginning of the year, the cryptocurrency industry has cut over 2000 jobs, with CoinbaseGlobal, Crypto.com, HuobiGlobal, Gemini, and Luno all announcing layoffs. On the same day that Coin An announced its optimization personnel, the blockchain data analysis product Nansen also announced a 30% layoff.