The crypto winter is one of the toughest, with thousands of jobs lost as companies brace for a long night. For those who end their contracts, they have the opportunity to switch sides and become regulators in the industry they once worked in.
The Financial Industry Regulatory Authority (FINRA) has unveiled plans to increase surveillance of the crypto industry. It plans to do this by systematically increasing the size of its workforce and acquiring innovative monitoring tools.
FINRA Improves Surveillance
“We’ve had to go into space already, so we thought it would be appropriate to expand our capabilities in space,” said FINRA CEO Robert Cook. He announced this at a recent trade industry summit, It added that FINRA is developing asset verification technology to improve cross-blockchain monitoring.
Cryptocurrencies have been hit in recent weeks by reports that companies have frozen hiring and even laid off staff along the way in response to a drop in crypto asset prices. Coinbase, Gemini and BlockFi are some of the leading companies that have laid off some of their employees.
Bitcoin (BTC) slumped to an 18-month low with a recent freeze on withdrawals in Celsius, sparking panic as investors sought to cut losses. However, Cook said that those affected by the crypto companies’ new policies have an opportunity to work with regulators.
“We’re going to need to be involved and be prepared to have the resources to do that, so anyone who’s been laid off from a crypto platform and wants to work for FINRA, can call me,” he said.
Coinbase Follows India
Coinbase, one of the exchanges in the eye of the crypto storm, is making a brave expansion into the Indian market. The company hired Arnab Kumar, a former senior executive at Prosus Ventures, to spearhead the relaunch in the country.
Coinbase’s decision to launch in India has raised eyebrows as the exchange has just laid off nearly a fifth of its workforce as part of a downsizing. The company has been known to cancel contracts for new hires, freeze all future hiring until further notice, and break the camel by laying off 20% of its workforce.
Coinbase’s first foray in India didn’t go as planned, as the app became inoperable in the country three days later. The global restructuring has affected only 8 percent of the country’s workforce, but executives still hope things will be different this time around.
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