Binance Plans To Hire 15%-30% More In 2023

January 15, 2023 5:54 pm Comments

As the long crypto winter continues, Binance has announced plans to hire around 15% to 30% more staff for the year of 2023.

This is quite impressive given the majority of crypto firms have either reduced their operations or filed for bankruptcy due to the unfavorable market conditions.

As a result, the moves that Binance is taking is quite contrarian to what other firms are doing which gives it a large head start on its competitors.

The exchange has also proven that it offers more stability despite the recent collapses of crypto exchanges which have affected investor confidence.

The panic from the FTX collapse had prompted users to withdraw billions of digital assets from Binance and so far the exchange has been able to honor all of those withdrawals.

CNBC reports:

Rival exchanges have been forced to cut large parts of their workforces after nearly $1.4 trillion was wiped off the crypto market in 2022 and major digital currencies including bitcoin and ether saw their prices plunge.

In November, Kraken announced it was laying off 30% of staff, and this year Huobi and Coinbase
said they would cut 20% of their workforces. That was the second round of job cuts for Coinbase in the last year.

Zhao said Binance needs to get the company “well-organized” ahead of the next crypto bull run and admitted the exchange is “not super efficient.”

“We will continue to build and hopefully we will ramp up again before the next bull market,” Zhao said.

As for the current condition of FTX after its bankruptcy, the former CEO and founder Sam Bankman-Fried has already been charged with eight criminal counts.

However, SBF has still been released on bail much to the disappointment of the crypto community and continues to plead not guilty.

There have also been records of transfers from FTX wallets, but SBF has claimed on Twitter that these transactions were not his doing and that he had no access to FTX wallets anymore.

Binance seems to be doing quite well on the other hand as the exchange had previously looked into acquiring FTX, but had backed out of the deal after analyzing FTX financial situation.

CNBC concludes:

Binance had a big role to play in FTX’s collapse. In November, Binance offered to buy FTX’s non-U.S. businesses which were facing liquidity issues but then later backed out of the deal. Zhao said publicly his company was selling its holdings in FTX’s native token, FTT, which exacerbated the collapse of that digital coin, adding to FTX’s downward spiral.

Zhao has said he “did not master plan” the collapse of FTX.

In response to a CNBC question on the sidelines of the CFC St Moritz conference, the Binance CEO said the “actual damage is not that high” on the crypto industry from the FTX collapse. He said FTX “is not a big player, they just make a lot of noise.”

“There’s definitely damage [but] the industry will be fine,” Zhao said.

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