Binance, the largest work-from-home platform in the crypto industry, has started layoffs, and it is estimated that Binance may lay off 20% of its 8K employees.
CZ rejects layoff plan but admits firing under bottom-out program
CZ calls the firing plan a rumour, giving his familiar "number 4" (FUD). CZ described it as Binance's "bottom out" program rather than layoffs, it is firing employees who can't adapt to the work-from-home culture or Binance conditions. To clarify that the bottom out is different from layoffs, CZ emphasised that hiring is still happening at Binance.
The crypto industry is not layoff-free, but Binance's case is different.
Layoffs are not a new thing in the crypto industry; if there is a centralised platform, layoffs have happened earlier as well. According to the company's economic condition and other requirements, Coinbase and Huobi also fired hundreds of employees associated with them after shutting down various projects earlier in January this year.
For the time being, only Binance has a hitback, because the employees of Binance are not in any office; they work from home, and CZ:s decision is always final.
People have spoken
CZ's explanation has not been accepted by people in the crypto world. Investors and experts have given various opinions on this.
CZ just choosing word for same thing.
AI taking jobs?
Bear attack ?
People are presenting CZ as a dictator who does his will and does not listen to anyone.
