Crypto.com Layoffs, 12% Cut: What Changes

As part of a new internal reorganization, the recent layoffs at Crypto.com mark a further downsizing of the exchange, which aims to focus on initiatives deemed strategic.

Crypto.com Reduces Workforce Globally

The Singapore-based cryptocurrency exchange Crypto.com has cut approximately 12% of its global workforce, equivalent to about 180 employees, as part of a strategic restructuring. The news emerged from information gathered by The Straits Times.

In an email sent to the employees involved, the human resources department explained that the cuts are part of a broader corporate reorganization. However, the message, sent on the morning of March 19, did not provide further details other than the reference to a shift towards “key business initiatives”.

Impact on Teams and Internal Testimonials

Before the cuts, the global workforce exceeded 1,500 employees, according to data published on the company’s website. It is still unclear how many Singapore employees were actually affected in this round of reductions.

An employee based in Singapore, who preferred to remain anonymous, reported to The Straits Times that she discovered her involvement in the measure after being excluded from the internal communication platform Slack in the morning. Furthermore, in the afternoon of March 19, during a call with human resources, she was informed that approximately 10% of the global workforce had been affected, with variations depending on the departments.

A senior executive present on the same call highlighted how the organizational structure had become too layered and compartmentalized, slowing down processes and generating inefficiencies. According to the manager, the company is at a critical juncture where it must make the most of the new tools, platforms, and technologies available.

Departments Most Affected by the Reorganization

The Straits Times has learned that the most affected departments are those of growth and customer relationship management. In Singapore, more than half of the local team consisting of 20 people in this area has reportedly been laid off, indicating a particularly significant intervention in these functions.

When asked about the matter, the company confirmed that it has joined the group of entities that are integrating artificial intelligence solutions on a large scale. Furthermore, it explained that, in continuing to focus resources on growth areas deemed a priority and improving operational efficiency, a workforce reduction of approximately 12% has been decided.

The company added that all affected employees have already been informed and are receiving support and resources to facilitate the transition to new opportunities.

Corporate Context and Previous Layoffs

Founded in Hong Kong in 2016, the company now operates with offices in various countries, including Singapore, France, and the United States. In 2024, it announced having surpassed 100 million registered users on its platform, confirming its status as one of the most significant players in the crypto sector.

The new layoffs at Crypto.com, however, are part of a series of personnel interventions initiated in recent years. In the past five years, the company has undertaken several rounds of cost-cutting measures to adapt to the market environment.

In 2022, to address the worsening macroeconomic environment and rising interest rates, the exchange had already cut about 5% of its workforce, equivalent to 260 positions out of a staff of 5,000 employees. Subsequently, the collapse of FTX linked to Sam Bankman-Fried, which also occurred in 2022, prompted the company to take further action in 2023, with an additional 20% reduction in personnel.

Prospects and Role of AI in Future Strategy

Overall, the management presents the current restructuring as a necessary step to streamline the organizational structure and accelerate decision-making processes. Additionally, the integration of AI solutions throughout the company is highlighted as a central element to enhance efficiency.

That said, it remains to assess the impact of these measures on the competitive positioning of the exchange and the quality of services offered to clients, particularly in the areas of growth and user relationship management.