Binance Will Continue to Hire as Many Exchanges Look to Downsize

With most crypto exchanges seeing a period of layoffs, one would expect the world's biggest, Binance, to follow suit, but according to its CEO, the company is doing the opposite.

In a report put out by Fortune magazine, Binance is apparently making the most of this crypto winter, with CEO Changpeng Zhao (CZ) saying the exchange would be “expanding hiring right now.”

“If we are in a crypto winter, we will leverage that, we will use that to the max,” CZ was quoted saying at the Consensus 2022 conference in Austin, Texas last week.

The firm's co-founder Yi He even said that they were around 2,000 open roles for “engineers, product, marketing to business development.”

She added that “the crypto space is still in its early stages,” and that it was “a great time to bring on top talent.”

This week saw multiple major cryptocurrency exchanges make the hard decision to lay off some portion of their staff as the price of most tokens tumbled.

Gemini let go of 10% of its workforce, and Coinbase took a more drastic approach beginning with a hiring freeze to a full-on rescinding of recently accepted job offers and then announcing yesterday the slashing of 18% of their staff.

In Latin America Bitso, Mexico's largest crypto exchange Bitso laid off 10% of its staff, as well as Buenbit from Arengtina laid off a significant 45% of its employees.

These corporations all point to the much-rumored crypto winter and impending recession as to reasons for the firings. The recession not only affecting cryptos as most of the stock market is seeing record losses coming off a year of record gains.

FTX CEO Sam Bankman-Fried spun a similar tale last week as he tweeted that the exchange was “going to keep pushing forward” by continuing to hire.