Recent rumors suggesting that Binance, the world’s largest cryptocurrency exchange, was planning a round of layoffs have been denied by the company. The reports had hinted at a possible staff reduction of around 20% in June, which could have impacted thousands of employees.
Responding to these rumors, Binance CEO Changpeng Zhao, also known as CZ, took to Twitter to dismiss the allegations as FUD (fear, uncertainty, and doubt).
CZ revealed that Binance has a program in place to identify employees who may not be the best fit for the company, but there is no specific target percentage for staff reduction. He emphasized that Binance is committed to expanding its team and actively hiring new talent.
Patrick Hillman, Binance’s chief communications officer, further clarified the situation on Twitter. He refuted claims that the rumored layoffs were a cost-cutting measure, pointing instead to the significant growth that Binance has experienced over the past five years​.
Hillman also stressed the importance of adaptability in the crypto industry, which requires a constant reallocation of resources and a continuous influx of innovative candidates. Binance regularly conducts talent density audits and resource allocation exercises to streamline its operations and maintain competitiveness.
Reiterating Binance’s commitment to hiring and continuous talent evaluation, CZ maintained that the company remains steadfast in its pursuit of growth, innovation, and providing a user-friendly platform for trading various cryptocurrencies and token
Also Read: Binance’s CEO Denies Bloomberg’s Estimated $28B Net Worth
