Changpeng Zhao Trashes Layoff Rumors – Binance CEO Changpeng ‘CZ’ Zhao has responded to a rumor going viral about a possible staff layoff at his cryptocurrency firm. In his response, he simply called it “Another day, another FUD.”
How the rumor started
Independent crypto reporter Colin Wu tweeted on May 31 that he confirmed through multiple sources that the world’s largest crypto exchange by trade volume, Binance, was planning to lay off some of its staff.
Even though the details of the layoff were not concrete, the rumors have it that the proportion of the layoff is about 20%. See the tweet below:
SCOOP: According to multiple sources who confirmed to WuBlockchain, Binance has started layoffs, and the proportion is still uncertain.
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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
Furthermore, Wu added that the reason for layoffs might be attributed to the general poor market. Also, the compensation plan for layoff staff will be created according to different criteria.
“The compensation plan will be formulated according to different situations in different places. However, some departments are still continuing to recruit. The layoffs may be related to the poor overall market and the large expansion before,” Wu said.
Later, he added a Binance answer that The Block had mentioned. It mentioned how regular staff reviews might result in layoffs if performance standards are not fulfilled or if there is a mismatch with the corporate culture.
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Changpeng Zhao response to the rumor
Meanwhile, Binance CEO CZ took to his Twitter account to issue a statement regarding the layoff rumor. According to him, Binance has a “bottom out” program that helps to check staff fit for roles in the company. He asserted that Binance constantly “says goodbye” to people who are not a great fit for the company. He added that many of them are “high performers,” but unfortunately might not be a great fit for their “unique culture.
4. Another day, another FUD. On rumors of layoffs.
Binance has a "bottom out" (we should probably rename it to something else) program. We constantly say goodbye to people who are not strong fits with the company. Many of them are great people or high performers, but may not fit… https://t.co/YGnZILzd5C
— CZ 🔶 Binance (@cz_binance) May 31, 2023
CZ continued by saying that since the 4th month of Binance launch, the company has remained in profit even though it has gone through two major crypto winters. Finally, the CEO pointed out that Binance is always searching for and still hiring talented individuals.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.