Changpeng Zhao, CEO of Binance, the largest cryptocurrency exchange, commented on rumors of massive layoffs at the company due to poor market conditions.
A few days ago, Chinese crypto reporter Colin Wu reportedthat the Binance marketplace will lay off about 20% of its 8,000 employees worldwide due to poor market conditions. However, Changpeng Zhao called it another attempt to spread FUD (Fear, Uncertainty and Doubt).
Zhao explained that layoffs at Binance are nothing new, as the exchange has a policy of laying off employees who are unsuitable for the company.
The head of Binance said that the remote mode of operation allows you to reduce spending on servers, travel, food and other costs. This allows Binance to stay afloat despite the turbulence of the market. Since October 2017 and for two crypto winters, Binance has been profitable, according to Zhao. Zhao noted that there were always layoffs in the company, while the exchange continues to hire new employees.
May data Coingecko, Binance led the market with 62% market share and $560 billion in monthly spot trading volume. In February, Binance’s market share in bitcoin spot trading volume reached 98% due to the abolition of BTC trading fees.
Source: Cryptocurrency
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