31 May 2023 14:33, UTC
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The world’s largest crypto exchange Binance reportedly started laying off thousands of employees. Although, the exact extent remains uncertain, but exchange plans to layoff around 20 percent of its workforce in June. The downsizing could be related to the closure of Canada operations and partners in other locations recently.
Popular crypto reporter Wu Blockchain shared the news, reporting that multiple sources confirmed upcoming layoffs at Binance. Binance hasn’t responded to clarify whether the rumors are true or false.
Binance to Start Mass Layoffs
Binance currently has nearly 8000 employees and the rumors suggest that the proportion of layoffs in June could be about 20%. The layoffs could be related to broader market conditions and recent expansions.
According to sources familiar with the matter, the compensation plan is being formulated as per different conditions and places. Meanwhile, some departments in Binance will continue to hire.
SCOOP: According to multiple sources who confirmed to WuBlockchain, Binance has started layoffs, and the proportion is still uncertain.
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
Binance CEO recently completed a Twitter AMA session, but didn’t reveal any plans of layoffs. He discussed topics including Lightning Network, bitcoin mining plan, regulatory challenges in the U.S. and India, meme coins, and growing crypto adoption and favorable regulations in Hong Kong and the UAE.
Also Read: Binance CEO “CZ” Discusses UAE Plans, Bitcoin Mining, Meme Coins In AMA
Traders didn’t immediately respond to the latest possible FUD related to Binance. Crypto prices remain stable after an earlier fall, with Bitcoin and Ethereum price trading at $27,146 and $1,870, respectively.
However, the crypto market can crash if the news comes out as true. The uncertainty in the market is already higher and macro factors impacting the market extensively.
Also Read: Crypto Market Selloff: Here’s Why Bitcoin, Ethereum Price Falling Today
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