The crypto winter is one of the toughest times, with thousands of jobs being lost as companies brace themselves for the long night. For those with expired contracts, there is a chance to switch sides and become a regulator in the industry in which they once worked.
The Financial Industry Regulatory Authority (FINRA) has revealed plans to increase surveillance of the crypto industry. It plans to do so by systematically increasing the size of its workforce and acquiring innovative monitoring tools.
FINRA to Improve Surveillance
“We are already engaged in the space and we feel, as a result, it is appropriate for us to increase our capabilities there,” said FINRA CEO Robert Cook. He made this known at a recent trading industry summit, where he stated that FINRA was developing asset verification technology to improve cross-blockchain surveillance.
In recent weeks, crypto has been hit with reports of companies going all the way to freeze hiring and even reduce their workforce to cope with the collapse in cryptocurrency prices. Coinbase, Gemini and BlockFi are some of the major companies that have let their percentage of employees go.
The recent freezing of withdrawals in Celsius and Bitcoin (BTC) fell to 18-month lows, causing panic among investors as they sought to cap their losses. However, Cook said that those affected by the new policies at crypto firms have a chance to work with the regulator.
“We will need to have the resources involved and ready to do this, so anyone who is being pulled out of crypto platforms and wants to work for FINRA, give me a call,” he said.
Coinbase Eyes India
Coinbase, one of the exchanges in the eye of the crypto storm, is making a brave play to expand into the Indian market. The firm hired Arnab Kumar, a former senior executive of Prosus Ventures, for a relaunch in the country.
Coinbase’s decision to launch in India raises eyebrows given the fact that the exchange has laid off nearly a fifth of its workforce as part of efforts to reduce its workforce. The firm famously canceled the contracts of newly hired employees, withheld all future hires until further notice, and broke the camel’s back by letting 20% of its employees go.
Coinbase’s first attempt in India did not go as planned, as the app became non-functional in the country after three days. The global slowdown affected only 8% of the workforce in the country, but officials are still hopeful that things will be different this time around.
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