Adam Cochran, tweeted, citing a document from the media outlet Protos, that for the 1,000 employees who were laid off, Binance didn't notify them or their managers, but instead were laid off immediately. Some were told to sign an NDA non-disclosure agreement in return for a small payment, while others were given nothing.

Adam Cochran claims that the average salary of the laid-off employees was lower than U.S. wages, in some cases as low as $50,000/year, with the lowest salary of the laid-off employees being $10,500/year paid in BNB, which is the salary of Latin American customer support employees. And while saying externally that it is still hiring, Binance has told its internal team to stop hiring and expect more layoffs in the next 3 to 6 months.

In addition, also Binance said in an announcement sent to internal employees, "Due to the current market environment and regulatory environment resulting in lower profits, we have had to cut expenses. As a result, the following benefits will be discontinued immediately on June 19: Covid Care Subsidy, Cell Phone Subsidy, Fitness Subsidy, WFH (one-off) Expense Subsidy, Newlywed's Allowance, 8-Year-Old Child Allowance, Other Employee-Related Benefits (Coupons, Book Reimbursement, etc.), and Reunion Budget Adjustment of $35/Month".

According to Adam Cochran, it was the Protos team that helped put the documents and sources in place so that they could be published in a way that complied with Canadian and U.S. news source protection laws, and they would get more coverage.