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Binance to hire more employees this year while rivals in crypto industry lay off workers

The CEO of Binance, the world’s largest cryptocurrency trading platform, said Binance plans to hire an additional 15-30% of employees in 2023, unlike other crypto companies that have experienced mass layoffs due to the crypto price drop.

At the Crypto Finance Conference held in Switzerland on Wednesday (Jan. 11), the company’s headcount increased from 3,000 in 2022 to nearly 8,000.

In 2023, the company plans to increase the number of employees by 15-30%. Binance’s plan contrasts with mass layoffs at rival crypto companies after crypto market capitalization lost nearly $1.4 trillion in 2022 and cryptocurrency prices, including Bitcoin and Ether, plummeted.

In November 2022, cryptocurrency exchange Kraken announced massive layoffs of up to 30%. And Coinbase laid off 20% of its workforce, with Coinbase laying off its workforce for the second time since 2022.

Binance wants to restructure its organization to be better positioned before the crypto market booms again in the future, admitting that the company itself is not in a strong and stable position as before. The crypto industry was in extreme turmoil in 2022 due to liquidity issues and major company failures, including FTX.

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