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Crypto startup cuts 10% of staff amid 'increasingly restrictive' US regulation

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Crypto startup cuts 10% of staff amid 'increasingly restrictive' US regulation

Cryptocurrency platform Circle Internet Financial Ltd. has cut about 30 positions or approximately 10% of the startup's workforce.

In the May 21 announcement on Twitter, CEO Jeremy Allaire said Circle made the staffing changes in response to new market conditions and an "increasingly restrictive" regulatory climate in the U.S. The Dublin-based company owns trading platform Poloniex LLC and equity crowdfunding platform SeedInvest LLC and has launched a cryptocurrency tied to the value of the U.S. dollar in partnership with Coinbase Inc.

"Circle remains strong and healthy," Allaire said. "We will continue to drive new product innovation and growth globally, working with jurisdictions that offer forward-looking policies regulating digital asset businesses, while we press for more balanced crypto policy in the U.S."