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Binance Begins Firing Staff: Details

Wed, 05/31/2023 - 15:55
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Yuri Molchan
Insider Colin Wu reported that Binance has begun massive layoffs; so has Goldman Sachs
Binance Begins Firing Staff: Details
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Citing numerous sources confirming it, Chinese crypto journalist and blogger Colin Wu shared on his Twitter handle that the largest crypto trading venue, Binance, has begun laying off its staff.

Binance dismisses large portion of its staff

The amount of employees it plans to dismiss remains uncertain so far, Wu says, but out of the current 8,000 workers, he expects that this figure may reach as high as 20%. Binance has not responded to his request for comment on the situation.

Wu then continued that compensation to the laid off staff members will be given based on "situations in different places." Still, despite this, some Binance departments continue to hire new workers. The reasons behind the layoffs could be, per Wu, related to the poor cryptocurrency market overall now and the large expansion of Binance over the past few years.

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Goldman Sachs prepares for more layoffs

According to a CNBC report, Goldman Sachs banking giant is also going to begin laying off employees, preparing for the third round of redundancies since September of last year.

This is the result of a decline in deal activity, the article says. The bank intends to reduce its staff by about 250 jobs within the upcoming weeks, according to a source cited by CNBC.

The company was one of the first enterprises on Wall Street who began firing staffers in September, reducing the staff by several hundred positions. Another round of layoffs followed in January — approximately 3,200 workers were dismissed. According to earlier CNBC reports, two other banking behemoths — Morgan Stanley and JP Morgan Chase — cut down their staff of employees by 3,000 and 500 this month, respectively.

As of the end of March, Goldman Sachs had slightly more than 45,000 employees in total. This was 6% less than in Q4 of last year.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at