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Crypto contagion deepens: Coinbase to lay off 950 employees

COINBASE: The crypto exchange was forced into a $100M settlement with New York authorities over serious AML failings

By Manya Saini and Niket Nishant

Coinbase Global Inc (COIN.O) said on Tuesday it will cut about 950 jobs, or 20% of its workforce, as part of a restructuring plan that marks the third round of layoffs for the cryptocurrency exchange since last year.

The company, whose shares were up 3.3% at $39.52, said it expects to incur about $149 million to $163 million in restructuring expenses.

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