Cryptocurrency exchange Binance’s share of the spot market fell 10% in June.
According to CCData, this trading platform processed approximately 41.6% of the total volume of transactions with digital assets last month.
Due to falling profits, Binance management was forced to cut employee salaries.
Already in June, pay was reduced, the Wall Street Journal reported.
In addition, the company cut funding for staff leisure activities, including fitness expenses. In the coming months, Binance plans to optimize all major costs.
In particular, the company will give up additional benefits for remote employees. Binance CEO Changpeng Zhao admitted that due to the deteriorating market environment, as well as the prosecution of the exchange in the United States, its financial performance has declined.
He noted: “The market environment and regulatory climate have unfortunately led to lower profits and we must be careful with our expenses.”