The largest cryptocurrency exchange Binance has become the next name to join the wave of staff cuts.
Update late on 31/05/2023:
Binance CEO Changpeng Zhao has spoken out about rumors of the exchange cutting staff. The CEO revealed that the floor has a recruitment program that constantly fires employees who do not meet the requirements or do not fit the company culture.
CZ revealed that he is the one who oversees this program on a weekly basis, as well as closely monitors the process of cutting costs and other odd jobs. According to the CEO, that management is the reason why Binance has always recorded profits from the 4th month of operation until now, despite having gone through two "crypto winters".
Mr. Changpeng Zhao confirmed that Binance is still recruiting new staff, and called the rumor that the exchange was laying off employees "FUD".
Original post:
According to sources of Wu Blockchain, Binance has begun the process of reducing staff, with the number of employees being laid off could reach 20% of the total workforce of 8,000 people globally.
When interviewed by news site The Block , a Binance spokesperson implicitly confirmed the above information, saying:
“We have periodic reviews to allocate staff to the most suitable positions. Sometimes, this inevitably leads to the firing of some employees who do not perform as expected or do not fit into the corporate culture.”
However, the Binance representative confirmed that the exchange is not in the process of downsizing its operation, but is just optimizing the process of allocating human resources. Binance is still posting vacancies for the products and business segments that the exchange intends to expand, serving the needs of users as well as requests from regulators.
A spokesperson for Binance declined to comment on the size of the downsizing.
Binance Chief Strategy Officer Patrick Hillmann later affirmed that "the exchange is not cutting 20% of its staff to save costs". Mr. Hillmann then elaborated on Binance's periodic recruiting and staffing practices, acknowledging the pressures from the crypto market and the abrupt turn of the market cycle.
Just in March, another representative of Binance denied that the exchange was about to lay off employees, instead adding 500 positions between then and June. Binance CEO Changpeng Zhao in January also revealed Highway will boost recruitment activities in 2023, with the number of additional employees estimated to increase by 15-30%.
Many Twitter users have “digged” Zhao’s past statement, saying that crypto companies should not be trusted to cut staff, because it shows signs of negligence in work. corporate governance.
Inrecent interview With Bankless, the founder of Binance denied the bad news surrounding the exchange recently, as well as shared some comments about the upcoming volatile trend of the crypto industry.
The BNB price is having a negative reaction after the news that Binance laid off employees was spread on social networks.
15m chart of BNB/USDT pair on Binance exchange at 09:30 PM on 31/05/2023