A Massive Layoff At Binance - Should You Get Your Coins Off?

If you've got coins on Binance, brace yourselves for this one — Binance, a behemoth of a CEX, just got its numbers significantly thinned out. More than a couple of water cooler chats won't be happening, as it appears the company is on a “we need less folks” drive - a fact somewhat confirmed by CZ.

CZ's trying to sell the idea of "increasing talent density" by having fewer employees. "Hey, layoffs aren't a big deal. Happens everywhere!" As for the exact numbers, he was less than clear, just saying that the media's figures are "way off."

Numbers according to the report mention a thousand employees, which is pretty significant, given that they only have 8,000 employees. "Time to drop some deadweight and get meaner and leaner." Anecdotally, although Binance claims to still be hiring, I'm definitely seeing way less job postings from them on LinkedIn.

Taking the coins out

I recently took my BTC and other coins off of Binance. While I don't think there are FTX level shenanigans going on there, it's not clear if they survive the regulatory assault. Better to move your coins somewhere safe rather than to keep them there and be let down.