Facebook Twitter Instagram
    Monday, October 2
    Trending
    • NRGCrypto Review 2023 – Why Choose NRG Crypto Trading Broker? (Is NRGCrypto.com scam?)
    • Genesis Exchange Review 2023 – Why Choose GenesisExchange Trading Broker? (Is Genesisxchange.com scam?)
    • WiiCrypto Review 2023 – Why Choose Wii Crypto Trading Broker? (Is wiicrypto.com Scam)
    • Priority Trading Review 2023 – Why Choose PriorityTrading Trading Broker? (Is priority-trading.com Scam?)
    • Nexon Groups Review 2023 – Why Choose NexonGroups Trading Broker? (Is nexongroups.io Scam?)
    • Audemars Group Review 2023 – Why Choose Audemars Group Trading Broker? (Is audemarsgroup.com Scam?)
    • TradeVision365 Review 2023 – Why Choose Trade Vision 365 Trading Broker? (Is tradevision365.com Scam?)
    • Bay Exchange Review 2023 – Why Choose BayExchange Trading Broker? (Is bayexchange.com Scam?)
    The Forex Founder
    • Home
    • News
    • Reviews
      • Broker Reviews
      • Exchange Reviews
    • Forex
    • Gold
    • Sliver
    • Bitcoin
    • Blockchain
    • Mining
    • Analysis
    • More
      • About Us
      • Write For Us
      • Disclaimer
      • Sitemap
    The Forex Founder
    You are at:Home»Cryptocurrency»Uncertainty In Crypto Industry Due To US Regulators Forces Anchorage Digital To Announce Layoffs

    Uncertainty In Crypto Industry Due To US Regulators Forces Anchorage Digital To Announce Layoffs

    March 16, 2023Updated:March 18, 20234 Mins Read Cryptocurrency James HallBy James Hall
    Share

    Anchorage Digital officials have made an official announcement about proceeding with job cuts. The San Francisco-based cryptocurrency bank has recently confirmed they are planning to cut off a huge percentage of its workforce.

    20% Workforce to be Cut Off

    According to the officials at Anchorage Digital, they have decided that they will be laying off almost 20% of their total employees. In terms of numbers, it is 75 out of the total employees the company is cutting off.

    As per the officials, it is due to the crypto market uncertainty and downturn they have been forced to make this decision.

    In the past few months, a great level of uncertainty has spread throughout the cryptocurrency industry. This time, it is not the crypto firms but the regulatory authorities from the United States raising such uncertainties.

    As per Anchorage Digital officials, the crypto market is currently plagued and it is constantly facing a downturn. The major blows to the crypto market have been dealt by the US regulators.

    In the past, the regulators such as the US SEC always went after the crypto firms or their projects. It seems that their approach and strategy have changed in recent months.

    Instead of going after the crypto firms directly, they have started going against the conventional financial institutions instead. These institutions in particular are the ones supporting the crypto firms.

    These firms have been playing a key role in the expansion of cryptocurrencies on the mainstream levels.

    In the past week, the US regulators have taken down a couple of banking firms in the US that were friendly towards the crypto industry.

    The first bank that the regulators took out was the Silicon Valley Bank and then came the turn for the Signature Bank.

    With these firms going down, several major crypto companies and projects were impacted. Some of the prominent mentions include Coinbase (a crypto exchange), Circle (USDC’s issuer), and Ukcoin (a crypto exchange).

    Statement by Anchorage Digital

    In the statement issued by Anchorage Digital executives, their company is currently facing and is citing multiple factors. These factors are responsible for dragging down the performance of the company.

    Above all, it is the crypto market that has become very uncertain and volatile due to the recent developments involving the banking systems.

    To make things worse, the US currently does not have a clear or well-streamlined regulatory landscape. This is a major reason why there is too much uncertainty in the market and they are concerned about it.

    They expect that the macroeconomic challenges are going to get harsher for the entire crypto market in near future. Therefore, they have to make the decisions that ensure the survival of their business.

    Even Anchorage Digital has Faced Problems

    Anchorage Digital has always claimed to be one of the most regulated and highly compliant banking solutions. It claims to be chartered by the Feds and has continued offering services to many clients.

    Despite its regulated status, Anchorage Digital has found itself facing many problems and issues posed due to US regulators.

    It was back in April 2022, when one of the US regulators had alleged Anchorage Digital of not being fully compliant with the operational requirements.

    The regulator complained that the internal processes and the staff available at Anchorage Digital are not enough to ensure full compliance.

    The regulator raises the concern of the firm not having enough staff to handle and control the KYC and AML compliances at their firm.

    The firm also ran into trouble having partnered with several firms from the crypto industry. It was pointed out that Anchorage Digital is partners with Wintermute, Strix Leviathan, Blockchain.com, and CoinList.

    This indicates that the regulators may be eyeing Anchorage Digital as their next target for the takedown.

    Disclaimer - The content on this website is not financial advice, where aggregated from other websites we have credited each author with a link to source content. Some of the posts (not all) on ForexFounder.com are guest posts or paid posts that are not written by ForexFounder.com authors and the views expressed in these types of posts do not reflect the views of ForexFounder.com. Post under the label Forex Cable are guest posts. We do not represent these services, brands and companies – meaning that any disputes you may have with brands or companies mentioned on our blog will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own.
    Previous ArticleKazakhstan Authorities Clamp Down On Illegal Crypto Activities
    Next Article Dogecoin Price Hits A Yearly Low Only To Recover Significantly, Bulls Rejoice Over Its Recovery
    Avatar photo
    James Hall

    James Hall is a seasoned forex trader and blogger with a passion for sharing his expertise and helping others succeed in the forex market. His blog is packed with useful insights and strategies.

    Related Posts

    NRGCrypto Review 2023 – Why Choose NRG Crypto Trading Broker? (Is NRGCrypto.com scam?)

    June 18, 2023

    What to Consider When You Have 100 Dollars to Trade Forex

    April 6, 2023

    A Guide To Create A Well – Diversified Crypto Portfolio

    March 29, 2023

    Leave A Reply Cancel Reply

    Looking for something?

    Top 5 Cryptocurrencies

    Name Price24H (%)
    bitcoin
    Bitcoin (BTC)
    $27,901.00
    3.42%
    ethereum
    Ethereum (ETH)
    $1,725.88
    3.14%
    tether
    Tether (USDT)
    $1.00
    -0.03%
    binancecoin
    BNB (BNB)
    $217.40
    1.29%
    usd-coin
    USDC (USDC)
    $1.00
    -0.04%

    Don't Miss

    NRGCrypto Review 2023 – Why Choose NRG Crypto Trading Broker? (Is NRGCrypto.com scam?)

    Genesis Exchange Review 2023 – Why Choose GenesisExchange Trading Broker? (Is Genesisxchange.com scam?)

    WiiCrypto Review 2023 – Why Choose Wii Crypto Trading Broker? (Is wiicrypto.com Scam)

    Priority Trading Review 2023 – Why Choose PriorityTrading Trading Broker? (Is priority-trading.com Scam?)

    Top Posts
    Broker Reviews
    By Harold Bills

    NRGCrypto Review 2023 – Why Choose NRG Crypto Trading Broker? (Is NRGCrypto.com scam?)

    June 18, 2023
    Broker Reviews
    By James Hall

    Genesis Exchange Review 2023 – Why Choose GenesisExchange Trading Broker? (Is Genesisxchange.com scam?)

    May 24, 2023
    Broker Reviews
    By Michael Goldferb

    WiiCrypto Review 2023 – Why Choose Wii Crypto Trading Broker? (Is wiicrypto.com Scam)

    May 20, 2023
    Broker Reviews
    By Michael Goldferb

    Priority Trading Review 2023 – Why Choose PriorityTrading Trading Broker? (Is priority-trading.com Scam?)

    May 19, 2023
    Forex Founder
    Forex Founder

    Stock market, forex, crypto, finance and economy news

    Popular Posts

    NRGCrypto Review 2023 – Why Choose NRG Crypto Trading Broker? (Is NRGCrypto.com scam?)

    June 18, 2023

    Genesis Exchange Review 2023 – Why Choose GenesisExchange Trading Broker? (Is Genesisxchange.com scam?)

    May 24, 2023

    WiiCrypto Review 2023 – Why Choose Wii Crypto Trading Broker? (Is wiicrypto.com Scam)

    May 20, 2023
    Contact

    > Contact us on Telegram Click Here

    Disclaimer

    The content on this website is not financial advice, where aggregated from other websites we have credited each author with a link to source content. Some of the posts (not all) on ForexFounder.com are guest posts or paid posts that are not written by ForexFounder.com authors and the views expressed in these types of posts do not reflect the views of ForexFounder.com. We do not represent these services, brands and companies – meaning that any disputes you may have with brands or companies mentioned on our blog will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own.

    | All Rights Reserved 2023 | Designed by Forex Founder |
    • About Us
    • Privacy Policy
    • Disclaimer
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.