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.

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.

Source