Binance ‘re-evaluating’ headcount amid reports it is slashing 20 per cent of staff in June, as crypto market struggles
- CEO Zhao Changpeng admits that Binance is letting go of employees that are ‘not strong fits with the company’
- The crypto exchange previously said it planned to add staff this year, despite challenging market conditions
Binance, the world’s largest cryptocurrency exchange by volume, has said it will reassess its headcount, as rumours swirl that the firm plans to cut over 1,000 employees this month amid poor market conditions and recent controversies.
In a statement, a Binance spokeswoman said the company’s efforts would “focus on talent density”, adding that it was not “rightsizing” but rather “re-evaluating” whether it had the “right talent and expertise in critical roles”.
The remarks came after independent blockchain journalist Colin Wu on Wednesday tweeted that Binance had begun cutting about 20 per cent of its almost 8,000-strong team, citing unnamed sources.
In response, Binance chief strategy officer Patrick Hillmann said the firm was “not cutting 20 per cent of employees as a cost-cutting measure”, but was instead going through a “talent density audit” and “resource allocation exercise” that occurs cyclically every six months or so.
Binance CEO and president Zhao Changpeng tweeted that Binance was letting go of employees that were “not strong fits with the company”, brushing off questions about the firm’s financial situation as “FUD” – an acronym for “fear, uncertainty and doubt” that is commonly used by crypto enthusiasts to dispel bearish market sentiment.
