Anchorage Digital, a San Francisco-based crypto bank, is implementing significant job cuts in response to the current downturn in the crypto market and regulatory uncertainty in the US. Bloomberg reports that the company plans to dismiss around 20% of its workforce, or 75 employees. In a statement, Anchorage Digital cited a range of factors contributing to the decision, including the volatile state of the crypto market, macroeconomic challenges, and the ambiguous regulatory landscape in the US. While Anchorage is a federally chartered crypto bank, it has previously had issues with US regulators. The Office of the Comptroller of the Currency had criticised the bank’s compliance programme for lacking adequate processes and staffing, including measures to prevent money laundering and report suspicious transactions.
