Binance Cutting Jobs Despite Profit Claims
Despite asserting in March that layoffs were not imminent, Binance has begun reducing its employees. According to a tweet from cryptocurrency journalist Colin Wu, “multiple sources” have verified the information.
According to Wu, the precise number of employees that will be eliminated is still unknown, but if it follows the pattern of other prominent exchanges and businesses that have made cuts this year, it may be a sizable amount.
There are presently said to be 8,000 individuals working at Binance. Wu said that although a compensation scheme is being developed for individuals who are harmed, “some departments are still continuing to recruit.” Additionally, he makes the assumption that the company’s earlier ambitious expansion and the weak overall market may be factors in the layoffs.
In contrast to the majority of the crypto sector, which was preparing enormous layoffs, Binance told Cointelegraph earlier this year that it was instead going to start employing up to 500 additional employees by the end of June.
(With inputs from Shikha Singh)
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