Binance Cuts Thousands of Jobs (But Adds Lightning Network Support!)
The Breakdown
Blockworks
4.8 • 806 Ratings
🗓️ 18 July 2023
⏱️ 13 minutes
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:08.3 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:18.4 | What's going on, guys? It is Tuesday, July 18th, and today we are asking what the heck is going on at |
| 0:24.3 | Binance. Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, |
| 0:29.4 | give it a rating, give it a review, or if you want to dive deeper into the conversation, |
| 0:33.3 | come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash |
| 0:37.6 | breakdown pod. All right, friends, how you doing? There are lots of interesting machinations |
| 0:42.7 | in the crypto industry to catch up on today, and the lead story that we're talking about |
| 0:46.6 | is about the world's beleaguered biggest exchange. According to the Wall Street Journal, |
| 0:52.5 | finance has laid off 1,000 employees in recent weeks. |
| 0:56.1 | The reporting, which was published on Friday, noted that Binance had an 8,000 strong headcount |
| 1:00.7 | globally, so this cut would represent a 12% reduction in staffing. |
| 1:05.0 | According to a former employee speaking anonymously with the newspaper, the cuts were |
| 1:08.9 | focused largely on customer service staff. |
| 1:11.4 | Reportedly, about three dozen customer service employees based in India were among the layoffs. |
| 1:15.6 | However, the source speculated that the planned round of layoffs could be much larger once complete. |
| 1:20.0 | Ultimately, they suggested that it could amount to a one-third reduction in headcount by the end of the year. |
| 1:25.3 | CNBC's reporting echoed this magnitude of cuts, with the source saying as many as 3,000 employees could be let go by the end of the year. CNBC's reporting echoed this magnitude of cuts, with the source saying |
| 1:28.6 | as many as 3,000 employees could be let go by the end of 2023. Now, a Binan spokesperson confirmed |
| 1:34.6 | that employees were being let go, but declined to confirm how many. They said, quote, |
| 1:39.3 | As we prepare for the next major bull cycle, it has become clear that we need to focus on talent |
| 1:43.3 | density across the organization to ensure we remain nimble and dynamic. This is not a case of right sizing, |
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