According to reports, Crypto exchange Binance is open to accepting employee resignations made voluntarily.
According to Adam Cochran, a crypto influencer and analyst, the proposals allow staff to resign, sign a new non-disclosure agreement (NDA), and get a severance payout equal to three months’ pay.
Binance is prepared to take voluntary departures. Although it’s unclear why Binance CEO Changpeng Zhao introduced this option, sources imply that staff members from various departments may choose to resign voluntarily. It is reported that individuals willing to take these offers had to leave immediately.
The largest exchange in the world had to fire staff members as the crypto winter deepened and regulatory uncertainty spread across multiple regions. Zhao said the staff reductions were necessary to “increase talent density,” yet the business is still hiring for other positions.
The reports of voluntary termination offers come as regulators are becoming more interested in Binance. Recently, Binance has encountered restrictions in several nations, including Canada and the US.
The Securities and Exchange Commission (SEC) of the United States charged Binance in June with engaging in dishonest business practices and committing fraud.
However, Binance has made it clear that it will contest the lawsuit. Binance’s CEO, Zhao, has informed the public that the company is entirely committed to abiding by all applicable laws.
Several employees from various nations, including the United States, were negatively impacted by the recent downsizing and retrenchments of human resources.
Despite this progress, Binance still makes hiring decisions in specialized fields like engineering and product development. The cryptocurrency market is still shaky, and Bitcoin is balancing near the psychological resistance level of $30,000.
Therefore, it is uncertain whether another bear run could lead to even more layoffs at renowned crypto exchanges and other protocols already experiencing severe activity declines.
It is important to note that Gemini and other cryptocurrency exchanges have lately announced employee losses; Binance is not the only exchange to have seen layoffs.
Coinbase nevertheless just published several remote roles as they looked to hire talent from all over the world.
