Binance is heading for layoffs due to declining market share.
Crypto exchange Binance laid off people who were underperforming and culturally unfit. This stance of Binance came after losing blood in the market.
Binance Layoffs Due to Losing Market Share
Crypto exchange Binance laid off people who were underperforming and culturally unfit. This came about two months after Binance said it had no layoffs. Binance laid off some of its workforce as the crypto exchange giant’s market share dwindled.
In response to a tweet by Wu Blockchain regarding Binance’s layoffs, an exchange spokesperson said:
“We periodically review how we can best allocate our talents to the right resources and the right teams. And sometimes, this leads to the firing of some employees who don’t perform well or don’t fit in with the culture. This will include looking at specific products and business units and ensure that our resources are appropriately allocated to reflect the evolving demands of users and regulators.”
This move happened when Binance had around 8,000 employees in the previous case. The exchange declined to comment on the extent of the layoffs. The layoffs come two months after Binance said in March that it “is not planning any layoffs” and is instead trying to fill 500 more roles by the end of June.
