As the largest exchange in the global cryptocurrency market, Binance has always been the focus of research and discussion in the industry. In addition to its leading market share, how does Binance achieve cross-cultural management in a fully remote working environment? The efficient operation of Binance has become a topic of special concern to the outside world. For many young people and workers who are new to the crypto, Binance not only symbolizes innovation and opportunities, but also makes them curious about "what is it like to work at Binance" ?” .
Hot discussion on Dcard: Don’t be lenient when it comes to layoffs, and your resume will be beautiful once you have passed it
Recently, an article on Dcard attracted the attention of young crypto. The original Po asked and said that because few Binance employees publicly share their work experience, he wanted to ask:
Binance is famous for being high-paying and all-remote (but also very messy), but it has always been quite mysterious and doesn’t have many sharing articles. I hope someone who works in the crypto/Web3 can share it. I am also curious about what you think of the development of this field?
As soon as the post came out, it attracted many responses from employees who may work at Binance. A former employee who worked at Binance revealed that although his performance in the previous year ranked in the top 10% of the company, his company The entire department was still laid off in the company's layoffs wave, and resigned with an "n+1" (n=number of years of service, +1 is an additional month's salary) severance package. He pointed out that Binance was laying off employees during the layoffs. Show no mercy, even if your employees are performing well. He said the company's benefits were pretty good at the time, but later, with budget cuts, benefits and salaries were significantly reduced.
Another employee who participated in Binance’s accelerator program was mainly responsible for the anti-money laundering work of the writing team. As the company’s budget shrunk, he chose not to renew his contract and decided to move to a company with more development potential. However, he also admitted that , working at Binance added a lot to his resume and laid a good foundation for his future career development in the crypto.
The lean management behind global operations
In 2020, in the article "How Binance Efficiently Manages Remote Teams" officially released by Binance, two key points were particularly emphasized: first, establishing corporate values that are conducive to remote work, and second, cultivating a corporate culture of continuous communication throughout the process. These two practices help Binance maintain efficient operations on a global scale.
In the past two years, Binance's workplace culture has gradually come to the fore. The second episode of "Who's Making Binance" describes the workplace culture in more detail, describing this exchange with 8,000 employees in detail. How do giants achieve "lean management".
(Excerpt) But even with the high pressure and intensity, Binance’s growth rate continues to attract more people to join
(Excerpt) Initially, employees were using their own computers. Later, for safety reasons, new employees were assigned a 13-inch Macbook Pro. Compared with other companies in the same period, Binance will provide higher salary packages. Many people admit that if they had not joined Binance, they would not have been able to join a major company based on their academic qualifications and experience; the salary under normal circumstances would not be too high. If you are willing to go to Dubai, the salary can be higher and there will be a monthly subsidy. However, the remuneration of different departments is very different. Contract remuneration is the best, followed by technology, and marketing department is the lowest.
Good definitions are expressed through scores. At Binance, employee performance is graded from 1-6. 1-1.5 is the best superstar, each team has at most one or even none. Normally it is 2-3 or 3-4. If the score is less than 5 points, you will face a PIP (performance improvement plan) with a one-month inspection period. If it still doesn't work, it will be optimized (a euphemistic expression for expulsion), but this will be rare for a long time.
In the future, I believe that as the global compliance process accelerates, Binance's corporate culture may also adjust accordingly. From the high flexibility and rapid execution in the past, it will gradually move closer to more stringent systems and norms to cope with the regulatory requirements of different markets. But in any case, Binance’s operating model has been regarded as a textbook case for successfully managing a multinational team.
