Binance is reportedly willing to accept voluntary terminations from employees. The offers, sent out recently according to Adam Cochran, a crypto influencer and analyst, allow employees to resign, sign a new non-disclosure agreement (NDA), and receive a severance package of three months’ salary.
Binance is ready to accept voluntary resignations
It’s unclear why Binance CEO Changpeng Zhao has implemented this option, but reports suggest that employees from different departments can opt for voluntary termination. It is said that those willing to accept these offers were required to leave immediately.
With the crypto winter extended and the regulatory uncertainty in several jurisdictions, the world’s largest exchange had to fire employees. Zhao stated that the layoffs were essential to “increase talent density,” but the company is still hiring for other positions.
Reports of voluntary termination offers come when Binance is facing increasing regulatory scrutiny. Lately, Binance has faced restrictions in various countries, such as Canada and the United States.
In June, the United States Securities and Exchange Commission (SEC) accused Binance of deceitful practices and participating in fraudulent activities. However, Binance has stated its intention to fight the lawsuit. The CEO, Zhao, has reassured the public that Binance is fully dedicated to following all relevant regulations.
Crypto fragile, Coinbase hiring
In the recent retrenchments and human resource downsizing, several employees from multiple countries, including the United States, were adversely affected.
Despite this development, Binance continues to hire in specific areas like engineering and product development. However, the cryptocurrency market is still fragile, and Bitcoin is teetering at the $30,000 psychological resistance level.
Therefore, it remains to be seen whether another bear run could trigger even more layoffs in top crypto exchanges and other protocols struggling from sharp contractions in activity.
It is worth noting that Binance is not the only cryptocurrency exchange to experience layoffs; other exchanges like Gemini have recently announced job cuts.
Even so, Coinbase recently announced several remote positions as they sought to add talent from across the globe.