People familiar with the matter: CEX has laid off hundreds of employees in various business areas in anticipation of the IPO

On April 18, Coindesk, citing people familiar with the matter, reported that cryptocurrency trading platform CEXs are preparing for a U.S. listing and have laid off hundreds of employees in various areas of the business over the past few months to streamline operations. Hundreds of people have left Arjun Sethi since he became co-CEO, a person familiar with the matter said, noting that the company plans to continue layoffs in addition to its 15% revenue at the end of last year. “They’re aggressively reducing staff across all functions, and it’s an ongoing effort. This is to boost the EBITDA (EBITA) of the CEX,” the person said.