According to a revelation by investigative journalist Colin Wu, large-scale layoffs have occurred at the cryptocurrency exchange.
In response to news of layoffs on Wednesday morning, Binance, the biggest cryptocurrency exchange by trading volume, said that it needed to “focus on talent density across its organisation.”
A representative explained to CoinDesk on Wednesday that “this is not a case of rightsizing,” but rather, reevaluating whether they have the proper skills and knowledge in essential jobs, and that they will still be trying to fill hundreds of unfilled posts.
Independent writer Colin Wu reported earlier on Wednesday that Binance may have cut off as much as 20% of its workforce.
Binance’s Chief Communications Officer Patrick Hillman subsequently tweeted about the “need to streamline,” although he disputed that 20% of the workforce will be let off.
To save money, Binance is not laying off 20% of its workforce. Over the last five years, @binance’s development has been really exponential, necessitating a corresponding increase in employee size. In terms of operational difficulty, this was unprecedented.