Media report that Binance is preparing to lay off up to 20% of employees worldwide

At the moment, the crypto exchange has a staff of about 8000 people

31.05.2023 - 14:20

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What’s new? Crypto exchange Binance has begun layoffs at offices around the world, analyst Colin Wu said, citing his own sources. According to Wu, the percentage of employees to be laid off has not been determined at this time, and a compensation plan for them will be formed based on the situation in each region.

Colin Wu’s Telegram channel

Details about the situation. Binance has a total of about 8000 employees, with some departments still hiring. It is rumored that about 20% of the staff could be laid off in June. Wu suggests that this is due to the state of the market, as well as the company’s prior over-expansion. At the time of publication, the exchange had not commented on the information received from sources.

Last June, as the crypto market declined, Coinbase, like many other companies in the industry, made massive layoffs. The exchange cited the rapid growth of the team in the previous two years, which had a negative impact on efficiency. Then Binance CEO Changpeng Zhao, in contrast, announced an expansion of the staff, opening about 2000 positions.

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Also, late last year, Wu reported mass layoffs at crypto exchange Huobi, previously bought by TRON blockchain founder Justin Sun. The analyst reported that the exchange also canceled year-end bonuses and cut salaries. Information about the layoffs was later confirmed by the head of the exchange.

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