Binance Is Hiring Amid Crypto Winter Layoffs, CEO Says

Binance is hiring amid crypto winter layoffs the CEO Changpeng Zhao says, with most of the competitors like Coinbase announcing major staff reductions so let’s read more today in our latest Binance news.

While other crypto exchanges are firing parts of their workforce, Binance is hiring. According to the reports, Binance is making the most of the crypto winter and Zhao said the exchange was expanding the hiring right now:

“If we are in a crypto winter, we will leverage that, we will use that to the max.”

Binance co-founder Yi He also said that there were 2000 roles for product, engineer, and marketing jobs and added that the crypto space is still in its early stages and that is a great time to bring some talent to the platform. Most other exchanges and big companies are cutting staff as the price of the crashing marekt. Coinbase, Gemini, and Crypto.com all announced workforce cuts while the lending platform BlockFi also said it will get rid of 20% of its staff and other exhcnages from Latin America like Bitso also annoucned cuts.

Crypto companies justified the layoffs by referring to an impending possible recession which is hurting the price of everything from equities to ETH on decentralized exchanges. BTC was also down to $22,510 marking a 67% dip from the $69,044 ATH. The market observations suggest that BTC and other assets have a way to go before finding a new bottom and Binance is not the only company that will be hiring more during the bear market. FTX also said tht the exchange will continue pushing forward and will continue its hiring efforts.

12) And because we hired carefully, we can keep growing regardless of market conditions.

Because we exponentially scaled our revenue and productivity, not our expenses.

But more importantly, because each person we add takes on a huge opportunity, and a huge responsibility.

— SBF (@SBF_FTX) June 6, 2022

As recently reported, The class-action lawsuit was filed today against Binance US alleging that the exchange misled consumers about the safety of the Terra stablecoin UST and the LUNA native token. As Binance US got a lawsuit that claims that the exchange violated federal law both by selling LUNA and UST with cryptocurrencies that were claimed to be securities that should have been registered with the SEC and to operate as unregistered securities offerings.

Filed yesterday morning in the US District Court for the District of Northern California with the class action marking the first attempt to utilize the court system and to rectify the damage caused by the collapse of LUNA last month which wiped out some $40 billion in value.