Rumors on Binance and Platforms Clarify the Issues

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Rumors on Binance and Platforms Clarify the Issues
  • As rumors were spread on some issues regarding Binance and, both firms denied them.
  • Wu Blockchain tweeted about Binance’s plans for employee layoff, but the CEO clarified that it’s part of a bottom-out program.
  • assured that the company is smoothly functioning, countering the arguments raised against it.

The leading cryptocurrency trading platforms Binance and came forward repudiating the rumors raised against the firms the previous days. While rumors on the 20% layoff of Binance’s employees were spread, scandals on’s “insolvency problems,” unfurled within minutes.

On May 31, the Chinese reporter Collin Wu posted on his Twitter account Wu Blockchain about the “uncertain” proportion of Binance’s layoff, stressing that the information has been handed over by multiple sources. The reporter added that the layoff might be a consequence of the “poor overall market and the large expansion before”.

Binance CEO Chanpeng Zhao, better known as CZ, responded to Wu’s tweet describing it as “another FUD”, just like he dismissed the previous “Red Notice” rumors:

CZ expounded that the elimination of the company employees is part of a “bottom-out” program, by which Binance eliminates the individuals who are not fit into the company. As per his statement, the “push out” doesn’t indicate the unworthiness of the employees; they would be “high performers”, but might not fit the company’s unique culture.

Countering the rumor, CZ stressed that the company is still functioning smoothly. He quoted:

Binance has stay profitable since month 4 of our inception. From Oct 2017 onwards, through 2 crypto winters, Binance maintained profitability on a daily, weekly and monthly basis.

In another turn of events, the crypto account under the name CoinSumption warned its followers regarding an insolvency issue in, following the speculations on whopping transactions that took place within the ecosystem and a resulting suspension of activities.

Answering the ambiguities prevailing within the community, appeared with a tweet, assuring its users that the platform’s operations are running smoothly without any withdrawal issues. The exchange affirmed that the statements spreading against were just a FUD.