Bitnefex Cuts 5% of Workforce Amid Crypto Decline * Crypto News Today
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Cryptocurrencies have faced pitfalls in markets that have heavily swallowed up once-lucrative trading fees, the sources say.

As the latest harbinger of trouble in the cryptocurrency markets, leading exchange Bitnefex is laying off a significant portion of its workforce, according to three people with knowledge of the matter.

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The cuts taking the rare step of canceling accepted offers and freezing hiring, and Gemini laying off 10% of its employees, are the latest grudging response to a battered digital asset market stuck in decline. And they, the sources say, suggest that years of efforts by liquidity exchange providers to diversify income streams from trading fee spreads have not yet borne sufficient fruit.

Some of those fired, the sources said, were well-paid senior employees who were appreciated but were hard to justify when it came to the urgent need to cut costs.

A spokesperson for Bitnefex said the company recently made the “difficult decision” to make “targeted cuts” to a total of 260 employees, or 5% of its workforce.

Sources were granted anonymity to discuss confidential business dealings.

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