Binance has 700 open positions amid cryptocurrency layoffs and bankruptcies

Binance currently has 700 job vacancies, despite challenges in the industry and FUD around the exchange itself.

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

However, Binance decided to invest heavily in job openings for account managers, blockchain evangelists, and software developers, in addition to other positions. Crypto expert Jacob Silverman notes that there are more than 700 open positions on the company’s website.

The company also made an announcement on Twitter stating that they were looking for a strong social media team.

Binance’s decision comes at a time of high market volatility. Investors flee risky investments because rising inflation may force the US Federal Reserve to raise interest rates quickly, sending the country into recession.

Binance misfortunes this year

On December 12, an exclusive Reuters article indicated that the US Department of Justice apparently wants to indict Binance. According to their sources, the investigation dates back to 2018. Binance referred to it as an “attack” on the organization shortly after it was published.

Cryptocurrency enthusiasts on Twitter have expressed their opinions on the article, with some stating that it spreads FUD and others claiming that major news organizations such as Bloomberg, Reuters, and the Wall Street Journal are biased against cryptocurrency.

Binance later came under fire again, as rumors about proof of reserves and regulatory difficulties gained momentum. In addition, the exchange saw a significant increase in withdrawals after Reuters reported that it was being monitored by the US Department of Justice. There have also been more radio reports of failed audits.

Crypto companies are firing their employees

Mass layoffs made last year’s crypto winter very cold. A staggering 152,730 individuals have been outsourced by more than 1,000 tech companies in 2022 alone.

Colin Wu, a Chinese journalist, claimed Twitter Huobi will allegedly cancel all year-end bonuses. Wu added that the exchange is ready to fire nearly half of its employees. He also revealed that Huobi will cut the salaries of senior employees, citing unnamed informed sources.

However, Justin Sun recently refuted reports of layoffs, stating that the company has been supporting developers and exploring new horizons.

Many other popular exchanges, including Coinbase and Crypto.com, have made significant workforce cuts to save on operating costs. Bybit also disclosed 30% layoffs in early December as part of the company’s ongoing restructuring. The layoffs, according to Bybit, will affect all divisions. Bin Zhou, CEO of the exchange, reassured users that the company’s financial position is sound.