Circle Sheds 10% of Workforce as CEO Blames Restrictive US Regulatory Climate

The CEO of Goldman Sachs-backed crypto finance startup Circle blamed a hostile regulatory climate in the United States as he confirmed layoffs of 30 staff on social media May 21. Allaire had taken aim at the slow progress on unifying the patchwork U.S. regulatory landscape, but remained hopeful that the future would bring improvements.He made the comments while attempting to explain why Circle had cut off U.S. access to certain trading pairs on Poloniex, a cryptocurrency exchange the company acquired in 2018.Announcing the firings, Allaire likewise sought to underscore Circle’s overall health as a company.Crypto outlet The Block also reported that Circle has purportedly lowered its March fundraising goal of $250 million by 40%, citing unnamed sources.Circle is just the latest industry business to slim down its operations in response to an extremely challenging year.

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