A few days ago, Chinese crypto reporter Colin Wu reported that 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.
“Many of our employees are wonderful and successful people, but they may not fit our company culture. For example, working from home is not for everyone,” Zhao said.
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.
According to May data from Coingecko, Binance has taken a leading position in the market with a 62% market share and a monthly spot trading volume of $560 billion. In February, Binance’s market share of Bitcoin spot trading volume reached 98% due to the abolition of BTC trading fees.
Source: Bits
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