Binance Cuts 1,000+ Jobs, CEO Casts Aside Concerns

• Binance, the global crypto exchange, has reportedly cut more than 1,000 employees in recent weeks.
• Binance CEO Changpeng Zhao replied to a tweet about the layoffs with a laughing emoji.
• The U.S. Securities and Exchange Commission (SEC) sued Binance and Zhao earlier this month for alleged securities law violations.

Binance Layoffs

Reports of Job Cuts

Top global crypto exchange Binance has reportedly axed more than 1,000 employees in recent weeks – and the company’s CEO, Changpeng Zhao, doesn’t seem too concerned about it. A Wall Street Journal report reveals the layoffs, citing a source familiar with the matter. A Binance spokesman confirmed the layoffs to the news outlet but declined to specify the total number of people the company plans to let go. “As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic.”

CEO’s Reaction

A crypto trader promptly shared the layoffs story on Twitter, and Zhao replied with a laughing emoji. They can’t stop talking about us… ? — CZ ? Binance (@cz_binance) July 14, 2023 Zhao claims that the number of layoffs quoted in media reports is “way off.” “As we continuously strive to increase talent density, there are involuntary terminations. This happens in every company. The numbers reported by media are all way off. 4 FUD (fear, uncertainty, doubt). On the bright side, they just can’t resist talking about us. We are still hiring.” However he did acknowledge last week that there was turnover at his company: “As markets and the global environment for crypto changes, as our organization evolves ,and as personal situations change ,there is turnover at every company.”

Binance Prior To Layoffs

Binance employed around 8