Binance reevaluating roles after reported layoffs

Binance, which is the largest cryptocurrency exchange in the world in terms of trading volume, has said that it needs to focus on having a high concentration of skilled employees throughout its organization. This statement was made in response to a report of job cuts on Wednesday. A spokesperson for the company told CoinDesk that this was not a case of reducing the size of the company, but rather a reassessment of whether the company has the right talent and expertise in key positions. Therefore, they will still be hiring for hundreds of open positions. Earlier on Wednesday, independent journalist Colin Wu reported that Binance may have laid off up to 20% of its staff. The spokesperson for Binance stated that the company currently has 8,000 employees. The article has been edited by Stephen Alpher.