At a crypto-focused conference in St. Moritz on Wednesday, CEO Changpeng Zhao announced that Binance, the largest cryptocurrency exchange in the world by trading volume, plans to broaden its number of employees by 15% to 30% in 2023.
Zhao reportedly added, “We will continue to build and hopefully we will ramp up again before the next bull market,” at the cryptocurrency conference. The exchange is now “not super efficient,” according to the CEO of Binance, and the company plans to improve its management.
According to CNBC, Zhao claimed that the “actual damage” caused by the demise of the FTX exchange to the cryptocurrency sector is “not that high” and the sector will survive.
Even during the winter market, according to Zhao, the crypto exchange increased more than double its workers last year from 3,000 to over 8,000.
Meanwhile other exchanges that have announced significant employee reductions in the wake of a year-long decline in cryptocurrency values, with Bitcoin down 73% from it’s all-time high of US$69,044 in November 2021, Binance has launched a hiring frenzy.
Binance is Still More Profitable than Others
The announcement of Binance’s intention to expand coincides with the news of numerous cryptocurrency-focused businesses reducing headcounts.
Following discoveries of inappropriate disclosure and the misuse of client funds, FTX, previously the second-largest exchange in the world by trade volume, collapsed in November which resulted in many miseries including a big number of firms reducing their staff members.
An early-stage digital assets company Koinly, based in London, recently made the decision to cut its workforce by up to 14%. According to CEO of Koinly Robin Singh, the decision was made in light of the current crypto winter, which has been rendered more intolerable by the collapse of the FTX Derivatives Exchange.
Huobi, a cryptocurrency exchange with headquarters in the Seychelles under Justin Sun’s new leadership, also reduced headcount by 20% as part of its restructuring plan after being exposed to the insolvent FTX.
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