Binance has reportedly laid off more than 1,000 employees in response to increasing regulatory and legal challenges in the United States and other jurisdictions. The future of the company remains uncertain as investigations into its activities and executives continue. However, Binance CEO Changpeng Zhao stated that this news is false. He pointed out that creating fear, uncertainty and doubt (FUD) is the main goal. Here are the details…
Binance allegations fell like a bomb on the agenda
cryptocoin.com As we reported, a recent Wall Street Journal report revealed that Binance had to make significant workforce reductions to navigate the complex web of regulatory hurdles it now faces. Citing a person familiar with the matter, the report explained that the exchange has cut ties with more than 1,000 employees over the past few weeks. Also, sources say additional layoffs could be imminent, with the ultimate goal of reducing the global workforce by one-third.
Before the alleged downsizing efforts, Binance employed around 8,000 people worldwide. The layoffs reportedly affected various departments and operations, but customer service roles were most affected. The move reflects the exchange’s struggle to maintain operations amid intense scrutiny from regulators. The ongoing investigation by the US Department of Justice into Binance’s activities and executives has posed one of the most significant challenges for the exchange. The refusal of CEO Changpeng “CZ” Zhao to relinquish control or step aside has raised concerns about the future viability of the stock market.
Zhao’s steadfast stance on the investigations has resulted in the departure of several senior executives, including former strategy director Patrick Hillmann. The departure of these executives marks a growing division within the organization and underscores the immense pressure faced by Binance leadership. On the occasion of Binance’s anniversary celebrated on July 14, Zhao acknowledged the company’s turbulent journey and stated that it was never entirely smooth sailing. While this statement highlights the challenges Binance has faced since its founding, it also underlines the CEO and remaining staff’s commitment to weather the storm and overcome the obstacles that stand in their way.
Changpeng Zhao denied the allegations
In response, CZ described the news as fear, uncertainty and doubt (FUD) and stated that the reported figures do not reflect the truth. Zhao said:
There are instances of involuntary staff reductions as part of our ongoing efforts to improve our talent pool. This is common practice in every company. The figures in the media are completely wrong. It is for FUD purposes. We are still actively recruiting.
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