Binance layoffs – CZ refutes bear market struggles Binance layoffs – CZ refutes bear market struggles
CZ commented that Binance remains profitable and is always looking to hire talented workers.
2 min read
Updated: Jul. 10, 2023 at 9:53 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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 undertone of the layoffs, CZ said the company operates a “bottom out” program to assess staff fit. Echoing The Block citation, he commented that this inevitably leads to letting staff go – adding that, in many cases, it is not down to the individual’s competence.
“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 our unique culture/situation. Small example, WFH is not for everyone.“
CZ added that this is a continual program covering multiple aspects of the business, including general cost-cutting, hardware, and travel expenses. He said this push for leaner operations is why Binance has been profitable since month four.
“From Oct 2017 onwards, through 2 crypto winters, Binance maintained profitability on a daily, weekly and monthly basis.“
Signing off, CZ said Binance is always looking for talented people, and we are still hiring.
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Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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BNB, or Binance Coin, is a cryptocurrency created by Binance.
Bitcoin
$98,296.51
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.