A Wednesday morning fable from impartial reporter Colin Wu claimed that Binance plans to gash 20% of its 8,000 workers in June. Sources told Wu that the layoffs already had begun all the plan thru a total lot of departments on the crypto change.

Binance’s chief communications officer Patrick Hillmann addressed the rumors in a assortment of tweets shortly after, announcing the agency became once now not downsizing its group, but rather conducting a skill density audit – a routine exercise that takes house every six months.

“Like earlier workouts, it will be performed after a total lot of teams (including HR, Probability, and Operations) finalize that skill density audit. There could be not any particular quantity, factual route on where now we delight in got to streamline. This has frankly been section of Binance’s secret sauce,” Hillmann stated.

Binance CEO Changpeng Zhao additionally commented on the reported layoffs, explaining that it became once section of the agency’s “bottom out” program to streamline its group. Zhao stated that the change constantly lets experience of those that are now not a solid fit with the firm’s tradition or downside, even within the event that they’re high performing workers.

“This ‘program’ is continuing. I push for it on a weekly basis. There usually are not any % of of us now we delight in got to ‘push out’. I additionally push for worth cutting again, servers, flights, meals, and so forth, every week too,” Zhao stated.

“We constantly try to originate better skill density. We attain efficiency administration. And we’re easy hiring,” he stated.

At the time of writing, there were 325 job openings listed on Binance’s web space. In January, Zhao stated that the change plans to originate better its headcount by 15% to 30% in 2023.