Reports emerged on Wednesday that crypto exchange Binance is undertaking sizable layoffs.
On Wednesday, a report by independent journalist Colin Wu claimed Binance, the world’s largest crypto exchange by trading volume, may have cut its staff by as much as 20%.
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
Patrick Hillmann, Binance’s Chief Communication Officer, clarified the matter via a Twitter thread.
Hillmann said the exchange is not cutting 20% of its employees as a cost-cutting measure but said it would “streamline” after experiencing exponential growth over the past five years.
Let me provide some additional clarity via 🧵. Binance is not cutting 20% of employees as a cost-cutting measure. @b
We współpracy z: https://cryptodaily.co.uk/2023/06/binance-is-reportedly-conducting-large-scale-layoffs
