Binance plans mini-layoffs but there is a catch

On Jun 1, 2023

Binance executives indirectly admitted that they will reduce their staff but confirmed that it will not be a part of the layoff process.

Binance is a top-ranked crypto exchange. Binance CEO Changpeng Zhao (CZ) grabbed huge popularity in 2021 in the world because of his richest personality, thanks to the Binance crypto business. History is proof that Binance never reduced its staff strength & also hired several talents during the bear market season.

On 31 May 2023, Popular Chinese crypto blogger Colin Wu reported that several sources confirmed that Binance will reduce its workforce and also said that there are chances that it will reduce nearly 20% of the staff.

SCOOP: According to multiple sources who confirmed to WuBlockchain, Binance has started layoffs, and the proportion is still uncertain.

The total number of Binance employees is about 8,000, market rumors that the proportion of layoffs in June was about 20%. As of press time,…
— Wu Blockchain (@WuBlockchain) May 31, 2023

Binance Chief Communication Officer Patrick Hillman responded to this news and confirmed that Binance is standing strong with a better financial position but failed to deny such layoffs reports which means Binance will reduce its staff or eliminate some employees.

Patrick said that Binance always focused on hiring top talents dedicated to maintaining quality in the crypto business & growth.

We have amazing talent at Binance and we will continue to retain and hire more top talent. When we do have to part ways with an employee, they immediately become a high-value target for recruiters across the globe with clients looking to explore digital assets.
— Patrick Hillmann (@PRHillmann) May 31, 2023

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Binance CEO Changpeng Zhao (CZ) also responded on this matter and said that it is only a FUD. CZ explained that Binance succeeded in generating a better amount of revenue since 2017.

CZ also confirmed that Binance has been hiring talents to provide high-quality services but he agreed that he always remains focused to reduce expenses through cost-cutting, servers, flights, meals, etc.

4. Another day, another FUD. On rumors of layoffs.

Binance has a "bottom out" (we should probably rename it to something else) program. We constantly say goodbye to people who are not strong fits with the company. Many of them are great people or high performers, but may not fit… https://t.co/YGnZILzd5C
— CZ 🔶 Binance (@cz_binance) May 31, 2023

It is worth it to note that the Binance career page is showing that the exchange is looking for 312 new talents. It means Binance is standing in better position & also layoffs news is only a FUD.

Binance plans mini-layoffs but there is a catch 1

It is a very common thing for the exchange to face FUD & negative rumors. Recently in a podcast with Banklesss, Binance’s CEO said that mainstream media reports always try to use the word “Binance” in their title, so that they can get huge numbers of clicks.

In the podcast, CZ addresses the negative reporting about Binance. He said that the mainstream media wants to report negatively about crypto & it is easy for them to target Binance, as Binance’s crypto business size is big.