The Financial Industry Regulatory Authority in the United States (FINRA), is apparently planning to increase its workforce by hiring staff who were recently fired from crypto firms.
According to a Reuters article on Tuesday, FINRA President and CEO Robert Cook encouraged crypto workers who anticipate being laid off to contact the financial regulator as part of the financial regulator’s efforts to enhance resources in the industry.
Coinbase and Gemini, two major crypto exchanges in the United States, have revealed plans to slash employees in the face of extreme market volatility, potentially resulting in the loss of thousands of jobs.
“We’re already having to interact in the space, so we believe it’s important for us to beef up our capabilities there,” Cook explained. “Give me a call if you’re getting laid off from a crypto platform and want to work with FINRA.”
FINRA employs over 3,600 individuals, according to its website. Many firms that have registered with the financial regulation are able to trade stocks or cryptocurrency on behalf of their clients. FINRA is apparently exploring digital asset verification techniques as well as cross-market surveillance on some blockchains, according to Cook.
During the market slump, some crypto companies situated outside of the United States, like Singapore-based Crypto.com, have announced similar personnel reductions.
On June 10, CEO Kris Marszalek announced that the exchange would lay off 260 workers in order to “ensure continuing and sustainable growth for the long term.” On the other hand, Binance CEO Changpeng Zhao said on Wednesday that the leading crypto exchange was hiring for 2000 open roles.
