Wu Blockchain assures that the fact of staff reduction was confirmed by the people who received the relevant notice of dismissal.
Binance is expected to cut about 20% of its 8,000 employees worldwide. Layoffs in the cryptocurrency business could have serious consequences, say Wu Blockchain.
First, it can affect the morale of the rest of the staff, reducing productivity. Second, to drop market confidence, thereby affecting the price of cryptoassets.
Responding to media inquiries, representatives of Binance assured that the staff cuts are not related to optimization issues.
“We periodically review how best to allocate our talent to the right teams and resources.
Sometimes that inevitably leads to the dismissal of some employees who may not perform well or fit the company’s culture,” said a Binance spokesperson.
In mid-May, the Binance exchange said its withdrawal from the Canadian market because of the difficult regulatory environment in the country.