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.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png

Research

Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.

/

article-image

Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space

article-image

Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?

article-image

Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month

article-image

It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet

article-image

Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend

article-image

Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million