The holding company behind crypto exchange Mercado Bitcoin, 2TM has laid off 15% or about a 100 of its employees. Mercado Bitcoin is the largest crypto exchanges by valuation in Brazil and this is the second round of layoffs for 2TM in 2022.
2TM fired more than 80 employees in June. The company also said that, “the competitive environment continues to deteriorate and unfair, without the approval of the legal framework for cryptocurrency activities. As a result, players who follow the law are penalized by companies that ignore local rules.”
2TM is pointing out the fact that foreign crypto exchanges do not follow the same reporting and know-your-customer (KYC) standards as domestic players.
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