US market watchdog wants to hire fired crypto employees

The US Financial Industry Regulatory Authority (FINRA) may as well tap into crypto talent that’s currently being laid off from various crypto firms.

The idea was floated by FINRA CEO Robert Cook, according to a Reuters report.

The publication quoted the regulator as saying that it needs to add to its resources as it looks to increase its crypto monitoring amid more engagements within the space from the agency’s members.

“We’re going to need to be engaged and prepared to have the resources to do that,” Cook noted, referring to the increase in companies getting approval to trade digital assets. 

“So, anybody who is getting laid off from a crypto platform and wants to work for FINRA, give me a call,” he added.

Crypto lay-offs amid bear market wipeout

Tough times for the crypto market as prices plummet amid massive sell-offs have had an impact on crypto firms, with several opting to cut their headcount as part of the effort to stay profitable.

Coinbase has announced plans to lay off 18% of its employees, while BlockFi said it would release 20% of its workers. Crypto exchanges Gemini and Crypto.com have also moved to reduce their workforce as a result of the market conditions.

But not everyone is laying off employees. 

Binance, the world’s largest crypto exchange by trading volume, has 2,000 open job positions. Nexo is also hiring, while FTX CEO Sam Bankman-Fried recently said the firm will continue to prudently hire more people.

BTC price dips further

In the market, Bitcoin has dropped below $21,000, while Ethereum is trending weakly above $1,000. Almost every other crypto asset is deep in the red.