Good day everyone,

I hope you are all well and had an excellent week, welcome to CryptoGod-1’s blog on all things crypto. Some news emerged of Binance potentially cutting staff numbers in the next month, which caused some fear amongst the exchanges users. Binance were quick to respond and clarify things, clearing up an issues that may have arisen.

Binance Rumours 

Rumours have began to swirl regarding possible layoffs happening at Binance, according to a tweet by @WuBlockchain. The tweet was posted on the 31st of May, stating that of the 8,000 or so Binance employees, around 20% of them are being let go in June. immediately the internet was alive with intrigue, as many believed that some issues have be coming to light at Binance, with some even believing this could be the beginning of a FTX 2.0. News reports jumped on the bandwagon and the belief was that Binance must be facing large issues if they are considering letting so many staff go.

FUD, FUD, and more FUD!

However, Binance were quick to react and quash the rumours. The chief communications officer denied that 20% of the staff were being cut, as the world’s largest cryptocurrency exchange scrambled to get ahead of the news. Patrick Hillmann of Binance tweeted that Binance was not planning on cutting 20% of its staff as a cost cutting measure. Instead, he explained how the exchange had experienced exponential growth over the last 5 years and had grown its staff accordingly. He also noted how the company had regularly gone through a "talent density audit" and that every six months or so they consider how to allocate their resources. He concluded that this will included several departments, including HR, Risj, and Operations, but there is no specific number on the board in terms of any potential layoffs. Instead they will just be streamlining their working staff. 

Following on from that, Binance founder Changpeng Zhao called the news another taste of FUD. In a Tweet on the 31st of May, he once again tagged his famed #4 FUD and explained how Binance constantly has a system in place to ensure any staff who do not fit in with their company are let go. This is generally the process if they are not strong fits with the company. He noted how many of their staff are great fits, great people, or high performers, but may not fit the specific culture of the company. 

By the sounds of things it is pretty normal business operations. In all forms of business a company must review its staff and decide whether or not they are the right fit for the job, or capable of managing in their position. Nothing to worry about, and certainly it seems like a story was made out of nothing for this one.

Have a great day.

Peace. CryptoGod-1.

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