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  • The company wanted to lay back on its expenses by cutting.
  • Company’s Boston and New York headquarters would be affected the most.

Crypto startup Circle’s CEO Jeremy Allaire reported that the company wanted to lay back on its expenses by cutting off about 10 percent of its employees, that is about 30 individuals. Circle’s Boston Headquarters would be affected the most after this occurrence. The cut spread across finance and product departments along with some unfilled positions in the company’s New York office.

Allaire stated:  

“We made these changes in response to new market conditions, most importantly, an increasingly restrictive regulatory climate in the United States.”

A blog post by Allaire clarified that regulatory uncertainty forced Circle to geofence some assets on Poloniex from U.S customers. Last month, the Financial Industry Regulatory Authority (FINRA) issued a securities trading license to Circle’s SeedInvest.