Key Points:
- Binance CEO Changpeng Zhao addressed the matter and rejected the accusations of layoffs.
- CZ stressed the importance of talent and profitability to the firm.
- He also stressed his commitment to cost-cutting efforts.
Binance CEO Changpeng Zhao commented on the news of layoffs in the crypto exchange. CZ dismissed the layoff rumor as “another day, another FUD” and branded it with the “4”.
According to Colin Wu, an independent cryptocurrency reporter, the world’s largest cryptocurrency by trading volume plans to let off 20% of its staff next month. Nonetheless, this news comes after the crypto exchange had said that it would not lay off any of its employees.
CZ has moved to Twitter to address the problem and deny the statements made in Wu Blockchain’s Twitter thread concerning layoffs at Binance. The reports were described as FUD (Fear, Uncertainty, and Doubt) by CZ, who emphasized the company’s steadfast commitment to talent and profitability.
According to Wu Blockchain, the overall number of Binance workers is about 8,000, with market rumors indicating that the company may lay off nearly 20% of its workforce next month.
Binance CEO added that the exchange conducts a continual “bottom-out” approach, which entails saying goodbye to employees who may not be compatible with the company’s unique culture or position. He provided a brief example of Work From Home (WFH) and noted that it is not suitable for everyone.
CZ emphasized that the “bottom-out” approach is ongoing and that he promotes it on a weekly basis. He said that the corporation must fire no more than % of its employees.
Additionally, Binance CEO reiterated his commitment to cost-cutting efforts such as optimizing server, airline, and food charges, among others. This dedication to efficiency has been critical to Binance’s success, allowing the firm to remain profitable since its fourth month of existence in October 2017, even amid difficult moments in the cryptocurrency market.
Patrick Hillmann, Binance’s Chief Communications Officer, reinforced CZ’s views in an earlier answer to Wu Blockchain, putting light on the volatile nature of the crypto business and the necessity for enterprises to stay disciplined and agile. He stressed the significance of reallocating resources internally and maintaining a pipeline of creative candidates to fulfill consumers’ and the regulatory landscape’s continually changing expectations.
Binance is currently facing tough regulatory issues across regions with strict crypto policies, specifically the Canadian authorities.
The exchange also said that it would delist privacy currencies for customers in certain regions beginning June 26. The action comes as the European Union continues to implement its groundbreaking Markets in Crypto Assets (MiCA) regulatory framework. MiCA would specifically prohibit exchanges from offering privacy cryptocurrencies unless currency holders’ identities were confirmed.
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