Breaking: Binance’s CZ Calls Layoffs Rumors “Another FUD”
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
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.
- Senators Reaffirm Commitment to Market Structure Bill After Meeting with Coinbase, Ripple
- How the Crypto Market Could React to the Next Fed Meeting on October 29?
- $1.68 Trillion T. Rowe Price Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP
- Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
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.
