Binance CEO Changpeng Zhao (CZ) played down the significance of recent company layoffs – saying, “Another day, another FUD.”
Layoff rumored to be bear market driven.
On May 31, Colin Wu of the Wu Blockchain Twitter account stated multiple sources had confirmed Binance was planning to lay off staff. Although details on the cuts were “still uncertain,” rumors put the figure down to a 20% cull in numbers.
“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, Binance has not responded to this.“
Wu added that the layoffs might be due to current market conditions and previous overhiring. But some Binance departments are continuing to recruit.
Later, he included a Binance response cited by The Block. It spoke of periodic staff evaluations resulting in cuts when performance expectations are unmet or if there is a mismatch with the company culture.
Binance remains profitable.
Rejecting the under
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