Binance plans new round of layoffs

June 2, 2023 9:01 am

Binance, the world’s largest cryptocurrency exchange by volume, has said it will reconsider its headcount, as reports indicate that the company intends to lay off 20% of its workforce in June.

A spokesperson for Binance said in a statement that the firm would "focus on talent density" and that it was "re-evaluating" rather than "rightsizing" whether it has the "right talent and expertise in critical roles."

The restructure, according to Patrick Hillmann, chief strategy officer of Binance, is intended to address mounting regulatory constraints on the cryptocurrency industry.

Additionally, according to Hillmann, it is yet unknown how many people will be laid off. He stated, "Like earlier exercises, this will be carried out following the completion of that talent density audit by many teams (including HR, Risk, and Operations).

Zhao Changpeng, the CEO and president of Binance, tweeted that the company was dismissing employee who were "not strong fits with the company" and denied inquiries about the company's financial situation.

On Wednesday, Zhao said on Twitter that Binance had maintained a profit from the fourth month following its establishment in Hong Kong in 2017. Binance has moved its focus to the international market as a result of mainland China's decision to tighten regulations on domestic cryptocurrency trading that year.

However, as global scrutiny of cryptocurrency service providers grows, Binance has stated it would stop doing business in Canada and stop providing some services in Australia.

Binance’s career page lists 326 open roles across several divisions and regions. The number of employees at Binance increased from about 3,000 to almost 8,000 during the most recent bull market, and they are spread out across Europe, the Americas, the Middle East, Africa, and Asia.