According to the exchange, the decision is not a downsizing, but rather a resource reallocation to address growing regulatory pressures.
A fresh headcount reduction is coming to crypto exchange Binance, which isplanning to lay off 20% of its workforce in June. The job cuts come after the company said earlier this year it would not lay off any employees.
According to the exchange, the decision is not a downsizing but rather a resource reallocation."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," a spokesperson told Cointelegraph.
"Regulators in almost every major market are also working overtime to provide greater clarity for their expectations of the industry and the asset class more broadly, which is putting even more pressure on orgs to adapt or fall by the wayside.” Also, according to Hillmann, a precise number of layoffs has yet to be determined."Like previous exercises, this will be done after several teams finalize that talent density audit," he continued.326 open positions spanning several departments and locations. During the latest bull market, Binance's headcount grew from approximately 3,000 to nearly 8,000, with staff located across Europe, the Americas, the Middle East, Africa and Asia.
In March, a Binance spokesperson told Cointelegraph that the company was seeking to fill over 500 roles by the end of June: “As of today, we are actively hiring for more than 500 roles with the goal of filling them by the end of H1 [...] We are not planning any layoffs.” Moreover, in January Binance CEO Changpeng ZhaoCrypto community members quicklyScreenshot: Changpeng Zhao, CEO of Binance, warns users on Twitter on Nov. 30, 2022.
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