Binance, one of the largest cryptocurrency exchanges worldwide, has dismissed the rumors about firing 20% of its staff. The exchange’s CEO, Changpeng Zhao, stated on Twitter that the claims are merely ‘FUD’ (Fear, Uncertainty, and Doubt), referring to the industry’s ever-changing dynamics and the need to stay agile. Binance focuses on optimizing talent and cost efficiency.
Binance Denies Staff Cut Allegations
On Wednesday, a Chinese reporter Colin Wu posted on Twitter that Binance had initiated significant layoffs, with about 20% of its workforce affected. However, CEO Changpeng Zhao swiftly refuted these rumors and referred to them as ‘FUD.’ He explained that the company operates a continuous talent optimization program that aims at maintaining a robust cultural fit.
The CEO clarified that while some employees may be high performers, they may not align with the unique culture and situation of Binance, leading to their departure from the company. He emphasized that these ongoing talent optimization efforts should not be misconstrued as a predetermined percentage of staff that needs to be cut.
Binance’s Chief Communications Officer, Patrick Hillman, also joined the conversation on Twitter, vehemently denying the alleged layoffs. Hillman affirmed Binance’s commitment to retaining and hiring top talent and emphasized the appeal that former employees hold for recruiters across the globe.
Binance Striving Amid Challenges
Binance has been no stranger to controversies and regulatory challenges in different jurisdictions. Amid the sudden FTX crash last year, Binance withstood the FUD and created a billion-dollar worth of crypto industry funds for companies experiencing a financial run. Meanwhile, in recent months, the exchange faced regulatory scrutiny in crypto.
Recently, South Korea outlined its intention to introduce a system that enables the real-time monitoring of wallet addresses and facilitates the freezing of funds on various crypto exchanges, including Binance. Notwithstanding the current negativity and regulation, Binance has managed to maintain composure, with its native token, BNB only experiencing a slight decline in the past seven days.
Featured image from Unsplash, Chart from TradingView
