Binance marked its sixth anniversary. Simultaneously, the world’s largest crypto exchange by market cap navigated turbulent waters, cutting off over a thousand employees from its global workforce.
This seemingly contradictory set of circumstances shines a light on the reality of the highly volatile yet rapidly growing crypto market.
Binance Celebrates Anniversary on Shaky Grounds
In a blog post, Binance’s CEO Changpeng Zhao acknowledged that the firm has morphed from a mere dream to a powerful financial platform serving over 140 million global users. The crypto exchange, which started with five tokens and two languages, now supports over 600 tokens in over 40 languages.
“Binance raised $15 million equivalent in crypto and started our journey as a crypto-to-crypto exchange. Two weeks later, six years ago today, we launched Binance exchange… We had to borrow a customer support team from my friend’s company, and we had no marketing team,” said Zhao.
Despite these accomplishments, Binance has not been immune to the crypto industry’s challenges.
The exchange has faced numerous setbacks in recent months. These include regulatory crackdowns and federal investigations from United States regulators and authorities elsewhere. Subsequently making the company reassess its workforce dynamics.
Binance has fired over 1,000 people in recent weeks. A spokesman confirmed the layoffs, emphasizing the need to maintain the “right talent and expertise in critical roles.”
“As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic,” said a Binance spokesman.
Author: Bary Rahma
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