Monday, September 15, 2025

Binance Is Cutting 20% Of Its Employees Months After Changpeng Zhao Raised A Red Flag On Crypto Firms Having Layoffs

According to a Wednesday morning report by independent writer Colin Wu, Binance intends to lay off 20% of its 8,000 employees in June. According to Wu, layoffs have already occurred in numerous divisions at the crypto exchange.

Soon after, Binance’s chief communications officer Patrick Hillmann responded to the claims in a series of tweets, stating that the company was not shrinking its employees, but rather performing a talent density assessment – a standard process that occurs every six months.

“Binance is not cutting 20% of employees as a cost-cutting measure. @binance experienced true exponential growth these past 5 years — and grew its staff accordingly. This was a historic operational challenge to overcome,” Hillmann tweeted.

Binance CEO Changpeng Zhao also addressed the rumored layoffs, noting that they were part of the company’s “bottom out” drive to simplify its employees. According to Zhao, the exchange frequently lets go of people who are not a good fit for the company’s culture or environment, even if they are high-performing personnel.

“This ‘program’ is constant. I push for it on a weekly basis. There are no % of people we have to ‘push out’. I also push for cost cutting, servers, flights, meals, etc, every week too,” Zhao said. “We always strive to increase talent density. We do performance management. And we are still hiring.”

Zhao tweeted before in November, shooting a warning for investors regarding platforms which have layoffs.

Binance’s website advertised 325 job opportunities at the time of writing. Zhao stated in January that the exchange intends to boost its personnel by 15% to 30% in 2023.


Information for this briefing was found via Unchained Crypto and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

New Found Gold: The Strategic Maritime Resources Purchase

Amex Exploration: Revised Perron PEA Has INSANE Economics

Aris Mining: The Multi Billion Dollar Soto Norte PFS

Recommended

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

Related News

Bitcoin Rebounds As Binance Announces Limits On Withdrawals, Leverage

Bitcoin rebounded on Wednesday from the previous day’s lows, after cryptocurrency exchange platform Binance said...

Wednesday, July 28, 2021, 04:53:00 PM

Binance Suspected To Be Aiding Money Laundering, Tax Evasion Activities In Ireland And Malta

European Union authorities have flagged Binance’s operations in Ireland and Malta, expressing concerns about potential...

Wednesday, June 28, 2023, 12:38:00 PM

Is Binance Really Making A “Full Exit” From Russia?

Binance has officially entered into a strategic agreement to divest its entire operation in Russia,...

Thursday, September 28, 2023, 12:17:59 PM

The End Of Crypto? Binance Reportedly Unable To Process Sub-$100k Fiat Transactions As Of February 1

It is currently being widely reported that Binance has been cut off from the SWIFT...

Saturday, January 21, 2023, 07:03:19 PM

US Orders Binance’s Changpeng Zhao to Surrender Passports

The United States has mandated that former Binance CEO Changpeng Zhao surrender all his passports,...

Wednesday, March 13, 2024, 12:17:00 PM