FINRA invited laid-off employees of crypto companies to work

The head of the organization Robert Cook announced this amid a wave of massive cuts in the industry

16.06.2022 - 13:45

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What’s new? The US Financial Institutions Regulatory Authority (FINRA) has offered laid-off cryptocurrency professionals jobs amid a wave of massive cuts in the industry. According to FINRA CEO Robert Cook, the organization's idea is to increase the number of employees with cryptocurrency expertise. He also noted the need to include the agency in the process of developing and implementing measures to monitor the market for digital assets, Reuters writes.

Reuters’ material

What else did Cook say? Robert Cook's statement followed a wave of mass layoffs at major cryptocurrency platforms such as Crypto.com, Robinhood, Coinbase, Gemini and BlockFi. Cook added that FINRA is developing methods to verify digital assets and is exploring cross-market surveillance across various blockchains.

FINRA is a privately held US corporation with self-regulatory status, that is, registered with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It oversees compliance with the rules of trading in the over-the-counter (OTC) markets.

On June 2, cryptocurrency exchange Gemini announced its first-ever massive job cuts since the platform's founding in 2014. The company will reduce its headcount by 10%.

On June 14, the head of Coinbase exchange Brian Armstrong announced that the staff will be reduced by about 18%. This decision was made as part of the platform's cost-cutting amid the coming crypto winter on the market.

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