Binance, the largest crypto exchange by trading volume,;has rejected;the claims that the platform was preparing to make a mass layoff.;
In response to the rumors, the firm said it is reevaluating its staff at regular intervals, which could result in job cuts.;
On Twitter, the independent journalist Colin Wu recently claimed that Binance was planning to reduce its 8,000 employees by about 20% in June due to the current market conditions and previous overhiring, citing multiple
sources.
In response, a Binance spokesperson stated that the company always conducts periodic staff evaluations to eliminate employees whose performance does not meet the firm's expectations or who do not match the company
culture.
The spokesperson added that this process could naturally end up with layoffs.
Binance;CEO;Changpeng Zhao (CZ) similarly took to Twitter to reiterate the spokesperson's response, saying that the company operates a bottom-out program to assess staff fit.
In addition, CZ said they constantly say goodbye to employees who are not strong fits with the company, and in many cases, this farewell has nothing to do with the individual's competence but with an unfit with the
firm's culture or a specific situation.
The company CEO also underlined that Binance maintained profitability on a daily, weekly, and monthly basis since October 2017, despite two crypto winters.;
CZ added that Binance is always looking for talented people and is still hiring.
