Binance cryptocurrency

Binance ramps up hiring despite crypto winter

Aron Chen

posted on June 16, 2022 7:50 pm

Binance, one of the world’s largest cryptocurrency exchanges, has ramped up hiring by opening 2,000 new positions, according to a twitter post from chief executive officer Changpeng Zhao.

"It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did. Today, we are hiring for 2000 open positions for Binance, Changpeng Zhao said in a tweet.

With regard to Binance’s trading volume this year, Zhao said volumes on the exchange so far this year were similar to the $34 trillion it had last year, adding that Binance traded around $120 billion on June 15.

Binance’s aggressive hiring plan is a sharp contrast to a series of job cuts by companies in the cryptocurrency industry.

Cryptocurrency exchange Coinbase said on Tuesday it would cut about 1,100 jobs, which is equivalent to 18% of its workforce, while BlockFi and have also cut hundreds of jobs.

The job cuts by crypto companies are driven by cryptocurrency market turmoil. Bitcoin tumbled on Wednesday to a new 18-month low as investors are selling off risky assets over fears that soaring inflation would force the U.S. Federal Reserve to aggressively raise interest rates and drive the economy into a recession.