“Another day, another FUD,” Changpeng Zhao Trashes Binance Layoff Rumors

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“Another day, another FUD,” Changpeng Zhao Trashes Binance Layoff Rumors

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:

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.

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.

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.