Major BTC Platform in Brazil Fired No Less Than 20 Employees

Mercado Bitcoin, the largest Brazilian crypto exchange platform by trading volume, just fired no less than twenty employees. They recently began restructuring services to customers by increasing professionalism, improving governance, and being more agile in their professional dealings.


One of their ex-employees, whose jobs were spread across multiple hierarchies at the company, expressed that the experience was indeed unpleasant and that many of them were quite upset when they found out.

It was also disclosed by the former employees that, starting October 15, senior executives were laid off along with more employees who were relinquished by executives the following day. The company justified what was happening by revealing intentions to restructure their marketing and HR divisions.

Not a Shocking Move

It was further said that the departments directly affected by the decision were being shuttered after these layoffs. It seems this move was somewhat expected considering the former employees explained how the overall working atmosphere within the company was declining. According to them, most of their work was being shelved with less and less workload starting a few months ago.

They were working on creating various processes and presentations; however, the work would never come to fruition. Tasks that previously were done in one hour started taking a few days. Some employees became idle and had no tasks to complete.

Employees were fired before at Mercado Bitcoin during the past six months, among them people who did not complete two months on the job.

The cryptocurrency platform is the biggest one in the country, which makes this move quite notable during this time. Data shows that last September they traded 4,150 bitcoins and also a total of 1,965 bitcoins just this month, amounting to 30% of the crypto market in Brazil.

More Scrutiny for Cryptocurrency Platforms

Portal do Bitcoin, another major platform, also revealed that they have been promoting a change to their entire structure since the start of the year in hopes of serving customers better. Such changes were implemented in their admin, marketing, and HR departments only.

The company also commented on the move made by Mercado Bitcoin. They said that in terms of financial data/information about personnel, details were not shared; however, they clarified that the redundant employees are fewer in number than indicated as there are only twenty.

The platform’s move has taken place in a critical period. Furthermore, XP Investimentos, the largest investment company in Brazil, is currently launching XDEX, its very own crypto exchange platform. Also, Huobi, the 2nd biggest crypto exchange platform worldwide, expanded into Brazil in early 2018.

Crypto exchange platforms in Brazil have been under scrutiny for some time now. Last August, a questionnaire of 14 points was sent to crypto businesses by the Brazilian government inquiring about the potential adoption of the technology for use in laundering funds. CADE, Brazil’s antitrust firm, sent a questionnaire this month the firms are forced to respond to or pay a $25,000 fine.

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