Binance, a leading cryptocurrency exchange, has announced plans to increase its Hiring by 15-30% in 2023, despite the fact that many of its rivals in the industry are cutting jobs.
The CEO of Binance, Changpeng Zhao or CZ, announced that the company has significantly grown its workforce from 3,000 to 8,000 in 2022 and plans to continue expanding in 2023.
Despite market fluctuations, the leading crypto exchange remains optimistic about the industry’s future and expects continued demand for its services.
CZ stated that Binance needs to improve its organization before the next market uptrend and admitted that the exchange is not currently highly efficient. Additionally, the company plans to continue developing and aims to be better prepared for the next bull market.
Despite the cryptocurrency market downturn that resulted in a loss of nearly $1.4 trillion in 2022, Binance has seen a significant increase in revenue.
According to Tronweekly, the exchange’s annual income has grown 10-fold over the last two years and reached over $12 billion by 2022. This growth has allowed Binance to maintain its workforce while rival exchanges have been forced to reduce their staff.
Kraken revealed in November that it was reducing its workforce by 30%, while both Huobi and Coinbase announced plans to cut 20% of their employees in the same year. It was the second time Coinbase had to do layoffs within a year.
On January 10th, Coinbase announced further layoffs, with a total of 950 employees affected. The company also mentioned discontinuing several projects with a low chance of success. ‘
Additionally, it stated that the affected employees will receive at least 14 weeks of basic salary compensation, health insurance, and other benefits as part of their severance package.
Binance Ongoing Development
It was also reported that the exchange lost $12 billion in just 60 days, while CZ disputed these rumors by calling them fake news. Moreover, as part of the ongoing worldwide expansion, it has been granted authorization in seven EU Member States, including Sweden.
The exchange recently announced that Binance Nordics AB had been officially recognized as a financial institution for virtual currency management and trading by the Swedish Financial Supervisory Authority (Swedish FSA).
This registration marks a significant milestone for its presence in the Nordics region, and it solidifies the company’s commitment to compliance and adherence to regulatory requirements.
Head of Europe and MENA at Binance, Richard Teng, said:
Binance continues to demonstrate its commitment to work closely with regulatory agencies to uphold global standards. Our registration in Sweden is the result of many months of diligent, hard work from our team, underpinning our commitment to the Swedish market and our users.
Related Reading | El Salvador’s Bitcoin Bonds Set To Gain Legal Status After 1 Year Delay