Key Points:

• Changpeng Zhao, CEO of Binance, addressed the issue and refuted the layoff allegations.
• CZ emphasized the company’s significance to talent and profitability.
• He likewise focused on his obligation to cost-cutting endeavors.

The announcement of layoffs at the cryptocurrency exchange received comments from Binance CEO Changpeng Zhao. CZ branded the layoff rumor with the letter “4,” describing it as “another day, another FUD.”

Independent cryptocurrency reporter Colin Wu claims that the largest cryptocurrency by trading volume will lay off 20% of its employees next month. In any case, this news comes after the crypto trade had said that it wouldn’t lay off any of its workers.

CZ has moved to Twitter to resolve the issue and deny the assertions made in Wu Blockchain’s Twitter string concerning cutbacks at Binance. CZ referred to the reports as FUD—Fear, Uncertainty, and Doubt—and emphasized the firm’s unwavering dedication to talent and profitability.

Wu Blockchain claims that there are approximately 8,000 employees at Binance, and market rumors suggest that the company may lay off nearly 20% of its workforce next month.

The CEO of Binance said that the exchange follows a “bottom-up” strategy all the time, firing employees who might not fit the company’s unique culture or position. He gave a brief example of Work From Home (WFH) and said that not everyone is good at it.

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CZ underscored that the “base out” approach is continuous and that he advances it consistently. He stated that the company should not fire more than 1% of its workers.

Moreover, Binance President emphasized his obligation to cost-cutting endeavors, for example, improving server, aircraft, and food charges, among others. This commitment to efficiency has been crucial to Binance’s success, allowing the company to remain profitable throughout challenging times in the cryptocurrency market since its fourth month of existence in October 2017.

In an earlier response to Wu Blockchain, Binance’s Chief Communications Officer Patrick Hillmann reiterated CZ’s viewpoints, highlighting the volatile nature of the cryptocurrency industry and the need for businesses to remain disciplined and adaptable. He focused on the meaning of redistributing assets inside and keeping a pipeline of innovative contender to satisfy shoppers’ and the administrative scene’s constantly evolving assumptions.

Binance is currently confronted with challenging regulatory issues in countries with stringent crypto policies, particularly in Canada.

Additionally, the exchange stated that it would begin delisting privacy currencies for customers in particular regions on June 26. The move comes as the innovative Markets in Crypto Assets (MiCA) regulatory framework is being implemented by the European Union. MiCA would explicitly disallow trades from offering protection digital forms of money except if cash holders’ characters were affirmed.