{"id":37058,"date":"2023-07-18T00:17:30","date_gmt":"2023-07-18T04:17:30","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/binance-ceo-confirms-layoffs-refutes-exaggerated-figures\/"},"modified":"2023-07-18T00:17:33","modified_gmt":"2023-07-18T04:17:33","slug":"binance-ceo-confirms-layoffs-refutes-exaggerated-figures","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=37058","title":{"rendered":"Binance CEO Confirms Layoffs, Refutes Exaggerated Figures"},"content":{"rendered":"
\n

Binance CEO Changpeng Zhao (CZ) has confirmed that his exchange is laying off people, but said numbers reported in the media are \u201cway off.\u201d<\/p>\n

\u201cAs we continuously strive to increase talent density, there are involuntary terminations,\u201d CZ wrote in a tweet this weekend, while adding \u201cThis happens in every company.\u201d<\/p>\n

The tweet from the Binance boss came after a Wall Street Journal report on Friday said the exchange was laying off \u201cover 1,000 employees,\u201d with a possibility of eventually letting go of as much as one-third of its workforce.<\/p>\n

Binance employed around 8,000 people before the latest round of layoffs, according to the WSJ report.<\/p>\n

In his tweet, CZ said that the number of workers being laid off that was reported in the media was \u201cway off,\u201d and called the reporting \u201cFUD,\u201d short for \u2018fear, uncertainty and doubt.\u2019<\/p>\n

\u201cWe are still hiring,\u201d he added.<\/p>\n

<\/oembed><\/figure>\n

A surprise for the community<\/h2>\n

The report about the layoffs at Binance came as a surprise for much of the crypto community, given Binance\u2019s reputation as one of the financially strongest players in the industry.<\/p>\n

CZ has in the past repeatedly said that Binance uses bear markets as an opportunity to hire new staff and build products.<\/p>\n

For instance, he pointed out during a speech at the Web Summit in Lisbon late last year that \u201cit\u2019s easier to hire talent in the bear market,\u201d while adding \u201cnow it\u2019s easy to hire people and grow.\u201d<\/p>\n

But despite those promises, it now seems clear that even Binance \u2013 perhaps the most deep-pocketed exchange in the industry \u2013 finally has been forced to follow its competitors and downsize in order to adjust to the new reality.<\/p>\n

Binance celebrated its six-year anniversary on Friday, the same day the Wall Street Journal story broke.<\/p>\n

\u201c[\u2026] we can\u2019t wait for what lies ahead,\u201d the exchange wrote on Twitter to mark the occasion.<\/p>\n

<\/oembed><\/figure>\n<\/p><\/div>\n