Layoffs Begin at Binance, 20% Workforce Reduction in June

Binance, the world’s largest cryptocurrency exchange, is reportedly looking to lose to 20% of its workforce.

Binance, the world’s largest cryptocurrency exchange, is reportedly beginning the process of layoffs. According to Chinese blockchain reporter, Colin Wu, the proportion of those let go is uncertain.

Layoffs at Binance

“The total number of Binance employees is about 8,000, market rumors that the proportion of layoffs in June was about 20%,” he tweeted. “As of press time, Binance has not responded to this.”

“The compensation plan will be formulated according to different situations in different places,” Wu continued. “However, some departments are still continuing to recruit. The layoffs may be related to the poor overall market and the large expansion before.”

Binance is the world’s largest cryptocurrency exchange by trading volume, with the largest market share. However, its market share has declined by approximately 17% since the beginning of the year.

Falling Transaction Volumes

Earlier this month, CCData reported that trading volume on Binance experienced a consecutive monthly decline in April, plunging by 48% due to decreasing transaction levels throughout the industry.

Last month, the volume reached $287 billion, marking the second-lowest level since 2021. Moreover, Binance’s market share dropped to 46% for the second month in a row.

Back in January, Binance CEO Changpeng Zhao said that the firm was planning a hiring spree in 2023, increasing its headcount by 15% to 30%, according to a report from CNBC.

At the time of writing, Binance had 327 vacant positions on its website. BNB is down approximately 1.4% following the news.

BeInCrypto has approached Binance for further comment on the matter. At the time of press, there had been no response.