Crypto Exchange Binance Announces It’s Hiring 2,000 Positions Amid Market Decline

  • As many crypto exchanges cut staff, Binance’s CEO said the company is increasing its hiring.
  • The company currently has 2,000 open positions, according to founder Yi He.
  • Meanwhile, several major exchanges have announced layoffs in recent weeks.

The CEO of the world’s largest cryptocurrency exchange, Binance, said the company would be doubling hiring despite “crypto winter”.

“We have a very healthy war chest; in fact, we’re increasing hiring right now. If we are in a crypto winter, we will take advantage of it. We will use it to the fullest,” Binance Founder and CEO Changpeng Zhao said via video at the crypto-focused Consensus 2022 last weekend in Austin, Texas, according to Fortune.

“We currently have over 2,000 open positions, from engineering, product, marketing to business development,” Binance co-founder Yi He told Fortune. “The crypto space is still in its infancy, and bull markets tend to care more about price, while bear markets have more value-conscious teams that continue to build the industry. We see this as an ideal time to attract top talent. “


The cryptocurrency market hit a record market value of $3 trillion in November, according to Bloomberg. Crypto exchanges have been riding the wave and splurging on marketing campaigns to make their presence felt. Coinbase, for example, spent $14 million on a 30-second Super Bowl ad slot in February. And paid $700 million to rename the Staples Center in Los Angeles to Arena for the next two decades.

But this year, the cryptocurrency market has fallen as investors divert their money from digital tokens to other assets that guarantee better returns. The market value fell below $1 trillion on Monday, according to Bloomberg. As investors hold back from buying and selling these digital currencies, crypto trading platforms have seen their revenue dry up. and Gemini have announced in recent weeks that they will be laying off workers amid turbulent market conditions. Coinbase said on June 2 that it was freezing hiring and removing job offers, and on Monday the CEO of crypto company BlockFi said the company would lay off 20% of its employees.

A Utah resident sued Binance’s US subsidiary for falsely marketing a crypto-token as a safe bet

Zhao’s comments on Binance’s “sane war chest” come as the company faces a lawsuit that accuses it of falsely advertising stablecoins Terra USD and Luna as “fiat-backed”. Zhao acknowledged at the conference that Binance could do more to educate users about cryptocurrencies, according to Bloomberg.

The collapse of the two stablecoins wiped out a combined market value that once peaked at $60 billion and drove several investors to despair.

“These claims are baseless and we will vigorously defend ourselves,” a Binance spokesperson told Reuters.

Binance did not immediately respond to Insider’s request for comment.

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Crypto Exchange Binance Announces It’s Hiring 2,000 Positions Amid Market Decline

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