Binance dismissed more than 1,000 employees in recent weeks: WSJ

Quick Take

  • World’s largest cryptocurrency exchange Binance has let go of over 1,000 employees in recent weeks, according to The Wall Street Journal.

Binance, the world's biggest cryptocurrency exchange, has laid off more than 1,000 employee in recent weeks, The Wall Street Journal reported, citing a source.

Binance could continue to lay more people off, potentially dismissing "more than a third of its staff," the person said.

Earlier this month, Binance chief strategy officer Patrick Hillman confirmed he was departing the company, saying he was doing so on good terms. Fortune had reported that he, along with other top executives, were departing the company.

Last week, Binance CEO Changpeng "CZ" Zhao painted a somewhat optimistic picture, saying he was readying his platform for increased trading volume over the next six to 18 months. "We're still very early. I think the industry still has a lot of room to grow," Zhao said. "So I'm always bullish. I'm a builder, so I always have a positive outlook on things."

At the end May, Binance laid off non-performers and non-culturally fit people, the exchange said. Before the move, the company's total headcount was around 8,000.

Although it has maintained its position as the top crypto exchange, Binance recently saw a 3% decrease in market share, according to a report from crypto research firm TokenInsight.



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