- Binance has reportedly begun laying off employees.
- The report was shared by Colin Wu.
- Wu reported that at least 20% of the employees of the exchange face layoff fear.
According to multiple sources, prominent Chinese crypto journalist and blogger Colin Wu has reported on his Twitter account that Binance, the leading cryptocurrency trading platform, has commenced the process of downsizing its workforce.
The size of employee cut by Binance remains uncertain
According to Wu, the exact number of employees facing dismissal from CZ’s exchange remains uncertain. However, he anticipates that this figure could potentially reach as high as 20% of the current workforce of 8,000 individuals.
Despite Wu’s request for a comment from Binance, the company has not responded to Wu’s inquiry regarding the situation. Wu further noted that compensation for the affected staff members will be determined based on various factors specific to each location.
Despite the ongoing staff reductions, Binance is actively recruiting new employees for specific departments. Wu speculates that the reasons behind these workforce reductions might be linked to the overall downturn in the cryptocurrency market and the significant expansion Binance has undergone in recent years.
Binance is one of the largest exchanges globally. It has also been one of the sturdiest exchanges during the 2022 ear market. However, the exchange has been under scrutiny for numerous reasons by the regulators.
