- Colin Wu stated that next month Binance will see a 20% layoff.
- CZ stressed that his promotion of “Bottom Out” occurs on a weekly basis.
Binance CEO Changpeng Zhao (CZ) addressed rumors of layoffs at the cryptocurrency exchange. In response to the speculation about layoffs, CZ labelled it as “4” and said, “another day, another FUD.”
According to independent crypto reporter Colin Wu, next month will see 20% of staff cuts at the world’s largest crypto by trading volume. This news comes after the cryptocurrency exchange said it will not lay off any employees.
Bottom Out Program
The CEO of Binance responded by saying their organization participates in a “bottom out” program. Employees who are poor cultural fits are weeded out of the organization using this program. He emphasized that a few of them are high achievers but are mismatched with the company’s ethos. Work-at-home opportunities are not right for everyone, as CZ shows with a simple scenario.
CZ stressed that his promotion of “Bottom Out” occurs on a weekly basis, and that it is an ongoing program. He said that the corporation does not have to lay off any employees.
The CEO of Binance went on to say that, thanks to this kind of program, Binance has been able to maintain a profit post 4 months of its launch. Two crypto winters have passed, and the cryptocurrency exchange is still making money on a daily, weekly, and monthly basis.
Binance CEO Changpeng “CZ” Zhao, on the other hand, reacted to the introduction of First Digital’s USD (FDUSD) stablecoin on Thursday. First Digital is a custodian and trust firm based in Hong Kong. This comes as Hong Kong prepares to launch a new crypto regulatory system on June 1 in a bid to establish itself as a regional crypto powerhouse.
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