Bithumb lays off 50% of its staff

19 Mar, 2019
by David Robb
Bithumb lays off 50% of its staff

Leading South Korean crypto exchange Bithumb has announced a significant number of layoffs. Around 50 percent of its staff members will be part of what is referred to as "voluntary retirement", as reported by CoinDesk Korea.

The top South Korean crypto trading platform has recently expanded its business into the Middle East, launching a new project back in January. Despite this development, it appears as though the exchange may now be struggling to maintain its operations, and it has also faced accusations of market manipulation in the past.

Read more: Bithumb denies reports of wash trading; Bithumb expands into the Middle East with the launch of a new exchange

The bear market has affected Bithumb's main source of revenue, and the drop in crypto prices is forcing some major restructuring. The total staff will be reduced from 310 to around 150 by the end of March.

According to a representative for the exchange, "voluntary retirement is part of our former employees' support program, and is intended to provide...aid and training for job placement".

Read more: Strong institutional interest in crypto in South Korea: 'New use cases will help'4 cryptocurrency exchanges closed in 2019: what happened?

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