Binance has 700 open positions amid crypto layoffs and bankruptcies

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Blockchain
Binance has 700 open positions amid crypto layoffs and bankruptcies

Binance currently has 700 open job positions, despite the challenges facing the industry and the FUD around the exchange itself.

One of the worst bear markets in crypto history hit the market in 2022, leading to the demise of industry giants, including Celsius and FTX. Crypto corporations have been forced to lay off employees to maintain operations in the current climate.

However, Binance decided to invest heavily in employment openings for account managers, blockchain evangelists, and software developers, as well as other positions. Crypto expert Jacob Silverman noticed there are more than 700 open positions at the company’s website.

The business also made a Twitter announcement stating that they were looking for a solid social media team.

The decision by Binance comes at a time of high market volatility. Investors are fleeing risky investments because rising inflation may compel the U.S. Federal Reserve to hike interest rates swiftly, sending the country into a recession.

Binance’s misfortunes this year

On Dec. 12, an exclusive article by Reuters suggested that the US Department of Justice apparently wanted to charge Binance. Per its sources, the investigation dated back to 2018. Binance referred to it as an ‘attack’ on the organization shortly after the publication. 

Crypto enthusiasts on Twitter voiced their opinions about the piece, with some stating it spreads FUD and others alleging that major news organizations like Bloomberg, Reuters, and the Wall Street Journal are prejudiced against cryptocurrencies.

Binance came under fire once more later, as rumors about its proof-of-reserves and regulatory difficulties gained traction. In addition, the exchange saw a significant increase in withdrawals after Reuters reported that the US DOJ was monitoring it. There were also more broadcast reports about failed audits.

Crypto businesses dismissing their staff  

Mass layoffs made the crypto winter last year even chilly. A staggering 152,730 individuals were let go by over 1000 tech companies in 2022 alone.

Colin Wu, a Chinese journalist, claimed on Twitter that Huobi would purportedly rescind all year-end bonuses. Wu added that the exchange is ready to fire almost half its staff. He also disclosed that Huobi would reduce senior employees’ pay, citing unnamed insider sources.

Still, Justin Sun recently refuted the reports on layoffs, stating that the company was supporting developers and exploring new frontiers.

Several other renowned exchanges, including Coinbase and Crypto.com, have made significant workforce reductions to save operating costs. Bybit also revealed a 30% employee layoff in early December as part of the company’s continuing restructuring. The layoffs, according to Bybit, will affect all divisions. Ben Zhou, the exchange’s CEO, reassured users that the company’s finances were sound.

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Julius Mutunkei

Julius is a blockchain reporter skilled at synthesizing all crypto-related information to make articulate texts easy for anyone to grasp. With a beginner's level certificate in Financial Analysis, Julius can read, interpret and report crypto findings to help investors exercise the best judgment in their decision-making process. When he is not caught up in the crypto frenzy, Julius likes playing a game of FIFA with his online buddies.