Cryptocurrency exchange Binance has confirmed that it “does not plan any layoffs” and is looking to fill another 500 positions by the end of June, according to a Binance spokesperson.
The comments came despite a huge spike in cryptocurrency layoffs in January, most of which came from cryptocurrency exchanges. In a statement, the Binance representative said:
“As of today, we are actively hiring for over 500 roles with the goal of filling them by the end of the first semester. […] We are not planning any layoffs.”
The spokesperson was responding to a request for clarification from Cointelegraph on March 1, regarding a tip it had received about possible layoffs at the cryptocurrency exchange. The latest comments seem to completely refute this speculation.
As of this writing, Binance has posted 463 job openings on its job postings page, with positions in business development, communications, customer support, and engineering, to name a few.
In January, Binance CEO Changpeng Zhao said the company was planning a hiring spree in 2023, increasing its headcount by 15-30%, according to a Jan. 11 report by CNBC.
The spokesperson explained that the company has hired more than 600 people since the start of 2023.
According to CoinGecko, 84.8% of layoffs in the cryptocurrency sector in January were due to downsizing at cryptocurrency exchanges, including Coinbase, Huobi, Blockchain.com, Crypto.com, and Luno.
Coinbase announced that it would reduce its workforce by about 950 people on January 10, while Crypto.com announced on January 13 that it would reduce its workforce by about 500 people.
Binance has been considered by some, such as Arcane, as one of the “winners” of 2022, following the crash of FTX, and the implementation of commission-free Bitcoin (BTC) trading led to it taking an overwhelming share of the market.
On the other side of the coin, the exchange has also come under intense scrutiny. The most recent has revolved around the alleged transfer of $1.8 billion in funds, which some have compared to the shares of bankrupt cryptocurrency exchange FTX.
Binance used $1.8 billion in customer funds for its own purposes, similar to what FTX did
Here we go again
— Genevieve Roch-Decter, CFA (@GRDecter) February 28, 2023
Binance CEO Changpeng Zhao responded on Twitter to the allegations, calling them “FUD” and suggesting that it was standard practice for an exchange.
2023 has been a tough year for those working in the cryptocurrency industry, with at least 14 companies and nearly 3,000 jobs lost in January before a lighter 570 layoffs in February.
But the tide could be turning, as the cryptocurrency market capitalization has risen more than 34% so far in 2023, according to CoinMarketCap, and other firms like USDC issuer Circle also plan to go on a hiring spree. .
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