Bittrex, a cryptocurrency exchange, terminates 83 workers

83 people have been let go by American cryptocurrency exchange Bittrex, out of a total workforce of about 284, according to Washington State employment statistics. According to a Bittrex spokesperson, the company's “most departments” will be affected by the cutbacks, and all affected employees will continue receiving redundancy payment in addition to 60 days of ongoing pay.

The Seattle-based exchange is recently listed 32 on CoinGecko's list of the top cryptocurrency exchanges and has an implied vol of about $19,846,416.

Late last year, Bittrex made the news for obtaining some of the highest fines ever levied on a U.S. cryptocurrency exchange. The Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN) of the Treasury claimed that the interaction had helped facilitate crypto transfers totaling more than $263 million for individuals from the Crimea region of Ukraine, Cuba, Iran, Sudan, and Syria between March 2014 and December 2017.

Bittrex has also been laid off.

But the most recent information aligns Bittrex with a number of other cryptocurrency exchanges. This year, just about all of the most well-known exchanges around the world, including Huobi, Coinbase, and Crypto.com, have announced layoffs. Changpeng “CZ” Zhao, the CEO of Binance, similarly forewarned colleagues in December of a “bumpy” few months. Not just exchanges have been considering widespread layoffs; just today, sleuthing company Chainalysis reported a round of layoffs.

According to a representative for Bittrex, at least several staff in most areas were impacted by the reductions. Following the steep drops in cryptocurrency values and the failure of the FTX exchange and other well-known crypto companies, Bittrex is one of many crypto exchanges that declared layoffs. The American exchange Gemini reported a third another round layoffs in January, and Coinbase indicated it will reduce its employment by 20%.

About Bittrex

Over 440 cryptocurrencies are readily available to buy, sell, and trade on the international cryptocurrency market Bittrex. Users can take advantage of a variety of trading platforms, fairly low fees, and various security characteristics to help maintain their funds secure. Although Bittrex is generally user-friendly, newcomers may find its trading platform and the variety of assets it offers overwhelming. As a result, more seasoned cryptocurrency investors and traders might find it more suitable.

The trading process on Bittrex is comparatively simple. Users can access their trading panel on a desktop computer or using the iOS and Android versions of the Bittrex mobile app. The desktop features that enable a straightforward “Instant Buy/Sell” option that enables users to immediately execute transactions or buy cryptocurrency using a debit card, bank account, or available funds on their Bittrex accounts.

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