Binance has 700 open positions amid crypto layoffs and bankruptcies

Despite the challenges facing the industry and the FUD surrounding the exchange, Binance currently has 700 open job positions.

One of the worst bear markets in crypto history hit the market in 2022, wiping out industry heavyweights including Celsius and FTX. Crypto corporations have been forced to shut down employees To maintain operations in the current climate.

However, Binance decided to invest heavily in job opportunities for account managers, blockchain evangelists, and software developers, among other positions. Crypto expert Jacob Silverman observed that the company’s website has more than 700 open positions.

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

The decision taken by Binance comes at a time of high volatility in the market. Investors are fleeing risky investments because rising inflation could force the US Federal Reserve to hike interest rates sharply, pushing the country into recession.

Binance’s bad luck this year

On 12 December, a special article Reuters suggested that the US Department of Justice apparently wanted to charge Binance. According to its sources, the investigation lasted till 2018. Binance referred to this as an ‘attack’ on the organization shortly after publication.

Crypto enthusiasts on Twitter expressed their opinions about the piece, with some saying it spreads FUD and others alleging that major news organizations such as Bloomberg, Reuters and the Wall Street Journal are biased against cryptocurrencies.

Binance comes under fire once again as rumors about it store of evidence And regulatory difficulties gained traction. Furthermore, 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 are laying off their employees

Mass layoffs made last year’s crypto winter even colder. In 2022 alone, 152,730 individuals were let go by over 1000 tech companies.

Chinese journalist Colin Wu claimed Twitter That Huobi will reportedly cancel all year-end bonuses. Wu said the exchange is prepared to lay off about half of its employees. He also revealed that Huobi will reduce the salaries of senior employees, citing unnamed insiders.

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

Many other famous exchanges including coinbase And has made significant staff cuts to save on operating costs. Bybit also revealed 30% employee layoffs As part of the company’s ongoing restructuring in early December. According to Bybit, the layoffs will affect all divisions. Exchange CEO Ben Zhou reassured users that the company’s finances were sound.

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