Crypto exchange Binance plans to lay off about 20% of its staff, Colin Wu has reported, citing his own sources.
However, Binance CEO Changpeng Zhao has called the journalist’s message “another FUD.” According to him, the company is constantly getting rid of workers who are “not too suitable.”
He has acknowledged that the layoffs are due to constant pressure on the divisions to cut costs. At the same time, Zhao has said that there is no concrete plan for the volume of labor force cuts.
Binance Chief Strategy Officer Patrick Hillmann has denied plans to lay off 20% of employees to optimize costs. However, he has acknowledged that the exponential growth of the staff of the exchange over the past five years has required a review of the allocation of resources in the current market phase.