Adam Cochran: Binance has told the internal team to stop hiring, and further layoffs are expected in the next 3 to 6 months

Cinneamhain Ventures partner Adam Cochran quoted the media Protos document tweeting that Binance said in an announcement sent to internal employees, "Due to the current market environment and regulatory environment that have resulted in lower profits, we have to cut expenses. Therefore, the following benefits will be Immediately discontinued June 19: Covid care allowance, mobile phone allowance, fitness allowance, WFH (one-off) expense allowance, new marriage allowance, 8-year-old child allowance, other employee-related benefits (coupons, book reimbursement, etc.), group The construction budget was adjusted to $35/month". According to Adam Cochran, the average salary of the laid-off employees is lower than that of the United States, and some are even as low as $50,000 per year. He said that Binance, while saying externally that it is still hiring, has told the internal team to stop hiring, and expects more layoffs in the next 3 to 6 months. For the 1,000 employees who were laid off, Binance did not notify them or their managers, but were immediately laid off. Some were told to sign NDAs for small payments. Others have nothing. Currently, Adam Cochran confirms that the minimum salary for laid-off employees is $10,500/year in BNB, which is the salary for Latin American customer support employees. Adam Cochran said it was the Protos team that helped put the documents and sources in place so that they could be published in a manner that complies with Canadian and US source protection laws, and they will have more coverage.