Binance CEO throws shade at exchange rivals over layoffs Binance CEO throws shade at exchange rivals over layoffs
CZ announces Binance is hiring as rival firms scramble to cuts costs through staff redundancies.
2 min read
Updated: Jun. 15, 2022 at 6:13 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
On Wednesday, Binance CEO Changpeng Zhao (CZ) tweeted that his firm is actively looking to fill 2,000 open positions.
This is in contrast to rivals, many of which have recently announced staff cuts.
Binance bucks crypto layoff trend
Several crypto firms have recently announced layoffs in response to worsening economic conditions.
Coinbase CEO Brian Armstrong said on Tuesday that his firm would cut 18% of its workforce (around 1,100 staff) in a bid to safeguard the company from recessionary pressures. He also added that he takes responsibility for overhiring during the bull market, which led to overstaffing.
BlockFi announced this week that it would let go of 20% of its staff (around 170 employees) to maintain profitability under lean economic conditions.
Crypto.com said a 5% cut of its workforce (or 260 employees) was necessary to protect the firm from the current market situation.
Similarly, at the start of this month, Cameron and Tyler Winklevoss said Gemini was cutting 10% of its workers as the market entered a contraction phase.
The firm did not confirm how many people would be affected, but its LinkedIn page states it has just over 1,000 workers, equating to the loss of around 100 jobs.
FTX CEO Sam Bankman-Fried said the company has hired carefully over the years and grown its revenue, not costs. The allows FTX to “keep pushing forward,” rather than scaling back.
12) And because we hired carefully, we can keep growing regardless of market conditions.
Because we exponentially scaled our revenue and productivity, not our expenses.
But more importantly, because each person we add takes on a huge opportunity, and a huge responsibility.
— SBF (@SBF_FTX) June 6, 2022
CZ criticizes rivals
Going against the crowd, CZ tweeted that Binance is on a hiring spree to fill 2,000 positions at the company. He said this is possible because the firm kept a tight lid on frivolous advertising spending.
It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did.
Today, we are hiring for 2000 open positions for #Binance. pic.twitter.com/n24nrUik8O
— CZ 🔶 Binance (@cz_binance) June 15, 2022
Binance’s Super Bowl strategy was to show ads around the game rather than targeting the more expensive half-time showing, which cost upwards of $6.5 million for a 30-second slot.
Meanwhile, market leader Bitcoin continues to show signs of weakness, having tumbled 28% since last Thursday.
It’s all eyes on the Fed as the U.S central bank readies to announce its rate policy decision at 2 p.m. ET on June 15.
Mentioned in this article
Binance 
Coinbase 
BlockFi 
Gemini 
Changpeng Zhao 
Brian Armstrong 
Sam Bankman-Fried 
Cameron Winklevoss 
Tyler Winklevoss Author 
Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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In this article
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
BlockFi
BlockFi is a defunct cryptocurrency lender company which is currently in bankruptcy proceedings.
Gemini
Gemini is a regulated digital asset exchange and custodian that allows customers to buy, sell, store, and stake digital assets in a regulated, secure, and compliant manner.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
Brian Armstrong, co-founder and CEO of Coinbase, stands at the forefront of the digital currency revolution.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
Cameron Winklevoss, a renowned figure in the cryptocurrency sector, is a Harvard University graduate with a degree in Economics and holds an MBA from Oxford University.
Tyler Winklevoss, known for his pioneering role in the cryptocurrency realm, is a Harvard University alumnus with a degree in Economics and holds an MBA from Oxford University.
