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Binance, the world’s largest cryptocurrency exchange, has started laying off employees, according to Wu Blockchain, citing multiple unnamed sources.
In a statement to Tech in Asia, a spokesperson for Binance said this is “not a case of rightsizing.”
“Over the last six years, we have grown from 30 employees to a team of almost 8,000 across the globe. 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 person explained.
The company noted that it’s still seeking to fill hundreds of open roles. It will also look at certain products and business units to ensure its “resources are allocated properly to reflect the evolving demands of users and regulators.”
The layoffs come during a downturn in the overall cryptocurrency market and after a period of rapid expansion for Binance, which has sprawling global operations.
Earlier today, crypto intelligence firm Nansen also announced that it has laid off 20% of its employees.
See also: US civil suit against Binance.com: What’s the real motivation?
Note: This article was written with the help of AI. Don’t worry, humans were still involved in producing this story.
Editing by Thu Huong Le and Terence Lee
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