Binance CEO Changpeng Chao (CZ) downplayed the importance of the company’s recent job cuts, stating:Another day, another FUD.“
Job cuts are rumored to be bear market driven.
On May 31st, Colin Wu woo blockchain The Twitter account said multiple sources have confirmed that Binance plans to lay off staff. Details of the cuts are “still unclear,” but rumors say the numbers will be cut by 20%.
“Binance has about 8,000 employees in total, and there are rumors in the market that the rate of layoffs in June was about 20%. As of this writing, Binance has not responded.“
Kure He added that layoffs could be due to current market conditions and past over-hiring. However, some divisions of Binance are still hiring.
later, he It included the Binance answer cited by The Block. Regular employee reviews are mentioned, with layoffs occurring when performance expectations are not met or when there is a mismatch with the corporate culture.
Binance continues to be profitable.
Denying the trend of personnel reduction, Czech Republic The company said it has a “bottom-out” program to assess staff suitability. Quoting The Block, he commented that this would inevitably lead to staff layoffs, adding that in many cases it was not due to individual competence.
“I always say goodbye to people who didn’t fit in with the company. Many of them are talented and high performers, but they may not be a good fit for our unique culture and circumstances. As a small example, WFH isn’t for everyone.“
CZ added that this is an ongoing program that covers various aspects of the business, including general cost savings, hardware and travel expenses. He said Binance has been profitable since the fourth month due to this lean operation drive.
“After two crypto winters since October 2017, Binance has remained profitable on a daily, weekly and monthly basis.“
Finally, CZ said that Binance is always looking for talented people and is still hiring.
After Binance Job Cuts – CZ Responds to Bear Market Struggles, first appeared on CryptoSlate.
