Binance, the world’s largest cryptocurrency exchange, is considering laying off some of its staff. According to a spokesperson, it is only a “talent reorganization” to better adapt the company. The exact number of employees affected was not disclosed. Despite this, Binance continues to hire for other positions.
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Binance Explains About Ongoing Layoffs
Binance, the world’s largest cryptocurrency exchange by volume traded, is preparing to lay off some of its employees.
The news was first revealed by journalist Wu Blockchain on Twitterwhich then indicated that according to some sources, Binance was preparing to lay off “ in an uncertain proportion » some of its approximately 8,000 current employees.
SCOOP: According to multiple sources who confirmed to WuBlockchain, Binance has started layoffs, and the proportion is still uncertain.
The total number of Binance employees is about 8,000, market rumors that the proportion of layoffs in June was about 20%. As of press time,…
— Wu Blockchain (@WuBlockchain) May 31, 2023
This statement remained at the rumor stage for a few hours, before being confirmed by a Binance spokesperson with our colleagues from The Block, who therefore relayed the information first. According to the spokesperson in question, it would not be a wave of dismissals strictly speaking, but rather a “reorganization of talents”:
“We periodically review how we can best allocate our talent to the right teams with the right resources. And sometimes, this inevitably leads to the separation of certain employees who are not performing well or who do not correspond to the culture of the company. »
The cryptocurrency exchange did not want to communicate the exact number of individuals affected by these layoffs, but Binance’s communications manager, Patrick Hillmann, however, denied the advanced figure of 20%. Later, Changpeng Zhao, the exchange’s CEO, also stepped in to confirm this.
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Simple modality or necessary evil?
According to Changpeng Zhao, this is just a simple modality aimed at reorganizing the company according to the profiles of the employees that are there rather than a forced decision. Thus, he explained that despite the news, Binance does continue to recruit for new positions:
“We constantly say goodbye to people who don’t fit the business. Many of them are great or high achieving people, but may not fit our unique culture/situation. Small example, the WFH [work from home, ou télétravail, NDLR] is not for everyone. »
He points out that these measures have been in place for a while, and that the company is redesigned on a weekly basis in this context :
“This “program” is constant. I push for this on a weekly basis. There is no % of people we need to “kick out”. I also push to reduce costs, servers, flights, meals, etc., every week as well. »
In a context of overall decline in volumes transiting through centralized cryptocurrency exchange platforms, Binance, however, is losing ground to its competitors in terms of market share for a few months, as we can see below.
Thus, while the giant dominated with 62% of the volume shares passing through it last February, it holds 12% less, which led it to drop below 50% of total market share.
👉 To go further – France: Binance will suspend cryptocurrencies with enhanced anonymity in June
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Source: The Block
Graphic source: The Block
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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