Breaking: Binance’s CZ Calls Layoffs Rumors “Another FUD”

Ashish Kumar
June 1, 2023
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Binance News: Changpeng Zhao, CEO of Binance opened up on the reports of layoffs in the crypto exchange. CZ addressed the rumor of layoffs as another day, another FUD and labeled it with the “4”.

Also Read: Bitcoin Loose $27K Level; Coinbase Registers Mega BTC Whales Deposits

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Binance CZ  Opens Up On Layoff Rumors

Independent Crypto reporter, Colin Wu stated that the world’s biggest crypto by trading volume is planning to lay off 20% of its employees next month. However, this development comes in after the crypto exchange earlier announced that it would not sack any of its workforce.

Replying to this claim, the Binance chief mentioned that they have a “bottom out” program in the company. On the basis of this program, many employees who are not strong fits for the company are asked to leave.

He added that several of the people are great performers but they do not fit into the company’s culture. However, CZ gave a small example of Work From Home (WFH) and stated that it is not for everyone. Read More Crypto News Here…

Also Read: JPMorgan CEO Hints More Fed Rate Hike Amid Debt Ceiling Crisis

CZ highlighted that the “Bottom Out” program is constant and he pushes it on a weekly basis. There is no % of people the company has to push out, he claimed.

Binance CEO further added due to this kind of program Binance has managed to remain profitable since four months after its inception. The crypto exchange has gone through 2 crypto winters and still maintained its profitability on a daily, weekly, and monthly basis.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.