PANews reported on October 31 that according to Beincrypto, due to recent structural changes, the crypto exchange Kraken announced layoffs, affecting 15% of its employees, or about 400 positions. In addition, Arjun Sethi will serve as co-CEO with Dave Ripley.

In a blog post, Kraken cited the need for “organizational discipline” and said it plans to streamline its management structure, which had grown as the company surpassed $1 billion in revenue. Although the specific positions affected were not disclosed, company statements and online discussions indicate that senior management and C-level positions were hit hardest by the layoffs.

“Making organizational change is never easy, and we understand the profound impact it has on people’s lives,” Kraken wrote in a blog post. “We sincerely thank those who have helped get us to where we are today and their many contributions, and we will support them during this transition.”