Amid severe market losses, Binance announced that it would expand its staff, which is good news for crypto professionals. Changpeng Zhao, the company’s CEO, delivered a statement regarding the upcoming employment opportunities during his speech at the Conference in St. Moritz.
Due to the downfall of FTX and the loss of the crypto market of $1.4 trillion in 2022, many employees of crypto-exchanges lost their jobs last year. Kraken reportedly decided to cut off 30% of its workers in November, and Huobi and Coinbase have indicated reducing their workforces by 20% this year.
There were numerous rumours that Binance was too responsible for the collapse of FTX. According to the rumours, FTX allegedly collapsed due to Binance walking away from the agreement to buy its non-U.S. businesses, though CEO Zhao later denied all of the allegations.
In this situation, expanding the workforce is an extremely difficult yet admirable move. Watching how the business keeps such a sizable workforce satisfied during these challenging times will be interesting.
Reason behind expansion
Binance made this choice to improve company operations after a severe disruption in 2022 caused by a reduction in the number of employees ahead of the next crypto bull run. The decision will, however, undoubtedly aid in empowering employees who lost their jobs due to significant losses in the cryptocurrency market. During his speech, Zhao also guaranteed that the platform would run without a problem in the future.