By George Ward
Binance, one of the top crypto exchanges in the industry, reportedly has about 700 vacant job positions amid the increased FUD in the market. The crypto firm is one of the few exchanges that did not lay off workers despite the market crisis.
Binance’s Employment Openings
2022 is one of the most bearish periods in crypto history as several crypto giants went bankrupt, including FTX and Celsius. Hence, many crypto firms had to let go of some of their staff to reduce expenses.
On the other hand, Binance invested significantly in employment opportunities for blockchain evangelists, software developers, and account managers. Jacob Silverman, a crypto expert, revealed that Binance’s website showed job openings for 700 employees.
Recently, the exchange announced on Twitter that it needs a social media team. Binance’s job openings come at a time the market is struggling.
Meanwhile, Binance had a tough time with regulators last year. On December 12th, Reuters reported that the US DoJ plans to charge Binance for alleged fraud.
Reuters noted that the investigation began in 2018 after the exchange allegedly failed to adhere to financial market policies in the US. However, the crypto Twitter community accused news platforms like the Wall Street Journal, Bloomberg, and Reuters of being biased toward the crypto sector.
After the FTX saga, Changpeng Zhao, the CEO of Binance, introduced the issuance of Proof-of-reserves (PoR). Since then, several firms, such as Kucoin and Kraken, have released their PoR reports.
Unfortunately, Binance came under criticism once more after releasing its PoR, with some analysts arguing that the exchange’s PoR report was incomplete.
Crypto Winter Caused Huge Layoffs In 2022
Massive layoffs rocked the crypto industry in 2022 amid the intense crypto market decline. According to reports, 1000 tech firms laid off over 152,730 workers in 2022.
Famous Chinese journalist, Colin Wu, alleged that Huobi would void all end-of-year bonuses for staff. Also, the Chinese journalist claimed that Huobi plans to lay off about 50% of its staff.
While citing insider sources, Wu added that the exchange would reduce the salary of senior employees but didn’t specify by what percentage. However, Justin Sun, Huobi’s global advisory board member, has denied the rumors about impending layoffs.
According to him, the firm will continue to support developers while exploring new opportunities. Meanwhile, other famous exchanges like Crypto.com and Coinbase have laid off some staff members to reduce expenses.
Earlier in December, Bybit exchange announced a 30% staff reduction as part of its restructuring plan. The exchange added that the layoff would cut across all divisions. However, Ben Zhou, the CEO of Bybit, assured investors that the exchange’s finances remain sound.