Circle Lays Off 10% of Its Staff due to Regulatory Climate

Backed by $140 million in venture capital from investors including Goldman Sachs, Bitmain and many more, crypto-platform Circle has laid off 30 positions (10%) of its staff in response “to new market conditions,” said Jeremy Allaire, the Co-Founder & CEO of Circle on Twitter. It’s worth to mention that previously, Circle’s cryptocurrency exchange Poloniex banned nine altcoins, including decred (DCR), lisk (LSK) and augur (REP) because of “regulatory uncertainty in the U.S. market.”

Nevertheless, Allaire highlights that Circle still remains strong and healthy, and it “will continue to drive new product innovation and growth globally, working with jurisdictions that offer forward-looking policies regulating digital asset businesses.” In March, Circle signed an agreement with Nice Actimize to develop the crypto market surveillance technology. Nice Actimize is autonomous financial crime management, which in partnership with Circle will augment key infrastructure to guard against market manipulation across cryptocurrency exchange Poloniex.

Source: iHODL

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