Seeking Alpha 2023-05-31 16:20:20

Crypto giant Binance said to lay off non-performers as market share wanes

Crypto giant Binance said to lay off non-performers as market share wanes

Cryptocurrency exchange Binance has cut a portion of its workforce who have not performing adequately and are not culturally fit. The move comes as spot trading volume at Binance, the world's largest crypto exchange, dropped 48.1% to $287B in April amid increased regulatory scrutiny and internal issues, representing its second-lowest monthly trading volume since 2021, crypto data provider CCData reported earlier this month. That pulled its market share down to 46.3% -- the lowest since October. "As we prepare for the next major bullcycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic. This is not a case of rightsizing, but rather, reevaluating whether we have the right talent and expertise in critical roles, and therefore we will still be seeking to fill hundreds of open roles," a Binance spokesperson told Seeking Alpha in an emailed statement. The Changpeng Zhao-led company's total headcount before the layoffs was around 8K, vs. just 30 around six years ago. The spokesperson did not comment on the size of the cuts. CZ, as he is known, was said to have laid out his goals in January to grow the company's headcount by 15%-30% this year, bucking the lingering industry-wide downturn. The Block first reported on the job cuts. More on Binance Bitcoin said to trade at discount on Binance Australia vs. rival crypto exchanges Binance joint venture to launch Thai crypto exchange by Q4 2023 Binance commingled customer funds with its revenue in 2020, 2021 - report

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