Cinneamhain Ventures Partner: Binance has informed its internal team to stop hiring and further layoffs are expected
ChainCatcher news, Cinneamhain Ventures partner Adam Cochran cited media Protos in a tweet stating that for the 1,000 employees laid off, Binance did not notify them or their managers, but rather they were immediately terminated. Some were told to sign NDAs for a small compensation, while others received nothing.Adam Cochran stated that the average salary of the laid-off employees was below the U.S. wage, with some as low as $50,000/year, and the lowest salary among the laid-off employees was $10,500/year, paid in BNB, which is the salary for customer support staff in Latin America. While Binance publicly claims to still be hiring, it has already told internal teams to stop hiring and expects more layoffs in the next 3 to 6 months.Additionally, Binance stated in an announcement sent to internal employees, "Due to the current market and regulatory environment leading to reduced profits, we have to cut expenses. Therefore, the following benefits will be immediately discontinued as of June 19: Covid care subsidy, mobile phone subsidy, fitness subsidy, WFH (one-off) expense subsidy, newlywed allowance, child subsidy for children aged 8, and other employee-related benefits (coupons, book reimbursements, etc.), team-building budget adjusted to $35/month."According to Adam Cochran, it was the Protos team that helped to substantiate the documents with sources, allowing these documents to be published in compliance with Canadian and U.S. news source protection laws, and they will have more reporting.Previously reported, according to a source who spoke to the Wall Street Journal, Binance has laid off over 1,000 people in recent weeks. Layoffs are ongoing and could lead to Binance reducing its workforce by more than a third. (Source link)
