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  • Writer's pictureDavid Manion

Binance To Increase Workforce By 15%-30% Despite Crypto Winter

Crypto exchange Binance has decided to conduct a hiring drive amidst the market turmoil, especially when rival exchanges have been laying off employees constantly.

The crypto exchange will, or at least is planning to, increase its workforce by 15-30% in 2023, as mentioned by Binance CEO Changpeng Zhao at the Crypto Finance Conference held in St. Moritz, Switzerland.

Zhao stated:

We will continue to build and hopefully we will ramp up again before the next bull market.

With the new hiring drive, Binance aims to add to the 5,000 workers that were hired in the previous year, as stated by Zhao at the conference. At the moment, Binance has been reported to have 687 job openings on its website’s careers page.

The news of the exchange hiring surfaced at a time other crypto companies are cutting jobs due to the massive FTX fall along with the crypto industry downturn. Among the companies that have carried out major layoffs, Coinbase happens to be one.

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Coinbase recently announced its plan to fire over 900 employees from a total of 4,700 employees, which would mean that 20% of the company’s workforce would be rendered jobless. Kraken, too, announced that it would be cutting around 30% of its workforce.

Huobi also plans on job cuts this year, and an estimated 20% of its workforce is expected to be laid off. For Coinbase, however, this would be a second round of layoffs.

Binance Remains Optimistic Despite $1.4 Trillion Evaporating From The Crypto Market

In the last year, nearly $1.4 trillion has vanished from the crypto market. Major market movers, which included Bitcoin and Ethereum, faced serious depreciation in value and are still grappling under bearish circumstances.

Changpeng Zhao stated that the exchange is working towards getting “well organized,” as the organization might not be “super-efficient” at the moment. He has, however, stated that Binance will redeem itself before the next bull cycle.

The crypto exchange had also offered to buy FTX’s non-U.S. business arm, which was primarily facing liquidity issues, but ultimately didn’t go through with the plan.

Recent Expansion In recent news about the crypto exchange expanding its operations, it has been granted registration to conduct business in Sweden. This will further fuel its growth in the European market.

Binance announced: Binance is pleased to announce that Binance Nordics AB has been granted registration as a financial institution for management and trading in virtual currency by the Swedish Financial Supervisory Authority (Swedish FSA). The license was granted after a month of discussion with Swedish regulators and Binance Nordics AB. This primarily means that Swedish people can access Binance’s crypto products and services. With the Sweden registration, Binance has now received a total of seven EU member licenses, which include Italy, Spain, France, Cyprus, Lithuania, and Poland. The exchange received these licenses over the past two years. With the consistent expansion, the exchange has also been able to contribute towards employment within the crypto industry.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


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