A few days ago, Chinese cryptocurrency reporter Colin Wu reported that trading platform Binance will cut about 20% of its 8,000 employees worldwide due to poor market conditions. But Changpeng Zhao called it another attempt to spread FUD (fear, uncertainty and doubt).</nbsp;<br
Zhao explained that layoffs at Binance are nothing new as the exchange has a policy of firing employees who are unsuitable for the company.
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“Many of our employees are wonderful and successful people, but they may not fit our company culture. For example, working from home is not suitable for everyone,” Zhao said.
The chief executive of Binance said working remotely can cut costs on servers, travel, food, and other expenses. This allows Binance to stay afloat despite market turbulence. According to Zhao, since October 2017 and for two cryptozymes, Binance has maintained profitability. Zhao said there have always been layoffs at the company, with the exchange continuing to hire new employees.
According to Coingecko in May, Binance led the market with 62% market share and $560 billion in monthly spot trading volume. In February, Binance’s market share by bitcoin spot trading volume reached 98% due to cancellation of commissions for BTC trading.<br