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More companies are letting staff go to survive this troubling time, and thousands of people have lost their jobs.
The US Financial Industry Regulatory Authority (FINRA) has opened its arms to embrace laid-off crypto workers. The FINRA president and CEO Robert Cook revealed that the company would be hiring workers who were victims of the massive exodus of employees of crypto firms. This comes as the regulator intends to “bulk up” its ability to monitor cryptocurrencies. Notably, major crypto firms have been cutting jobs and freezing hiring for the past weeks.
The likes of Crypto.com, Gemini Trust Co, BlockFi, and Coinbase (NASDAQ: COIN) have announced the reduction of headcounts. Coinbase announced in a Tuesday email that it would cut 18% of full-time jobs by 8% as it prepares for recession and crypto winter. With about 5,000 full-time employees, roughly 1,100 workers should expect to lose their jobs. Similarly, Gemini said earlier in the month that it has lowered its workforce by 10%. The co-founders, Cameron and Tyler Winklevoss, blamed the decision on “turbulent market conditions that are likely to persist for some time.”
BlockFi CEO Zac Price said in a tweet that the crypto company would be letting go of “roughly 20%” of employees. Same with other companies that have been dismissing staff, Prince said the company’s growth has been affected by the “dramatic shift in macroeconomic conditions.” Meanwhile, Crypto.com said it must make “targeted reductions of approximately 160 or 5%” of its corporate workforce.
FINRA Plans to Onboard Terminated Workers from Crypto Firms to “Bulk up” Capabilities
More companies are letting staff go to survive this troubling time, and thousands of people have lost their jobs. FINRA plans to expand its reach to monitor crypto compliments its move to onboard employees terminated from these crypto firms. Speaking at a trading industry conference, the FINRA President talked about the agency’s members approved to trade digital asset securities. Cook added that some members have access to crypto products while others with registered representatives with externally crypto-related businesses.
According to Cook, the regulatory authority is considering cross-market surveillance across blockchains. Additionally, FINRA is working on verification techniques for digital assets. He noted that the extension into digital assets requires more hands, hereby calling on those impacted by the layoffs.
“We are already having to be engaged in the space and we think that as a result it’s appropriate for us to bulk up our capabilities there. Anybody who is getting laid off from a crypto platform and wants to work for FINRA, give me a call.”
Per FINRA’s website, the regulator has about 3,600 employees working together to execute the regulator’s primary assignment. Its principal focus is creating standards and ensuring rule complaints by brokers and broker-dealer firms in the US. Since its evolution in mind-2017, FINRA has become a reputable self-regulatory institution in America.