The company Circle, which owns the cryptocurrency exchange Poloniex and the crowdfunding portal SeedInvest, has reduced 30 employees, which is about 10% of the staff.
Today we made organizational changes at Circle and eliminated approximately 30 positions, which is about 10% of our employees. We made these changes in response to new market conditions, most importantly, an increasingly restrictive regulatory climate in the United States. Circle remains strong and healthy, and 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.
First of all, the cuts affected the main office of Circle in Boston. The company also liquidated several positions in the departments of finance and product development in the New York office.
He also added that due to regulatory uncertainty, Poloniex was forced to restrict access to certain assets to US residents. In particular, the site will stop trading assets ARDR, BCN, DCR, GAME, GAS, LSK, NXT, OMNI and REP. The changes will take effect from May 29.
According to The Block, the company also revised its investment plans. Informed sources said that in the next round of financing Circle intends to raise $ 150 million instead of $ 250 million.