Binance Frames Reported Layoffs as Focus on ‘Talent Density’

Crypto exchange re-evaluating whether it has the right talent in top roles, but looks to continue hiring, according to spokesperson

article-image

ymcgraphic/Shutterstock modified by Blockworks

share

Following reports of a wave of layoffs, Binance told Blockworks that it is taking a close look at its staff in top roles and examining which products and business segments to put the most resources behind. 

And a spokesperson told Blockworks in an email that the exchange intends to continue hiring. 

“As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic,” the company representative added. “This is not a case of rightsizing, but rather, reevaluating whether we have the right talent and expertise in critical roles, and therefore we will still be seeking to fill hundreds of open roles.”

The alleged layoffs were first reported by blockchain analyst Colin Wu, who suggested that as many as 20% of the 8,000 people at Binance were affected. A source at Binance recently confirmed to Blockworks that layoffs were happening as early as March of this year.

Binance had more than 300 job openings listed on its website on Wednesday.   

The company’s workforce re-examination will include looking at certain products and business units “to ensure our resources are allocated properly to reflect the evolving demands of users and regulators,” the spokesperson noted.

The representative did not immediately confirm or deny that the company has laid off staff members.

The re-evaluation comes after Binance CEO Changpeng Zhao said during Switzerland’s Crypto Finance Conference in January that the company had more than doubled its headcount in 2022 from 3,000 to nearly 8,000. 

Zhao added that the crypto exchange intended to increase its staff by between 15% and 30% in 2023. A Binance spokesperson declined to comment at the time.

The CEO’s January comments came before and after announcements from other crypto companies that they were initiating or continuing layoffs amid tough market conditions.

Coinbase CEO Brian Armstrong, for example, said in a January blog post that the company would be letting go an additional 950 people after making staff cuts of 18% in June.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (2).png

Research

This reports analyzes the competitive dynamics of the Solana DEX landscape, identifying sustainable moats per protocol. We also find that Raydium (RAY), Orca (ORCA), and Lifinity (LFNTY) are valued very similarly on a P/S basis and what this could mean for Meteroa's (MET) valuation, which is still pre-TGE.

article-image

With $800 million now flowing to creditors, some expect a market boost — yet many remain cautious after years of waiting

article-image

There’s more to do on Solana than memecoins, but the market isn’t seeing it that way

article-image

Galaxy’s Alex Thorn said that the saga, paired with TRUMP and MELANIA, could lead to “further destruction of the memecoin complex”

article-image

Anatoly Yakovenko in 2017 embarked on the technical challenge of solving blockchain’s scalability problem

article-image

Grayscale Investments has historically had a four-stage lifecycle for its products, but there’s an indicator this could be changing

article-image

Brian Quintenz and Jonathan Gould are two recent Cabinet nominees with ties to crypto