{"id":243430,"date":"2022-06-15T16:15:28","date_gmt":"2022-06-15T15:15:28","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=243430"},"modified":"2022-06-15T18:13:09","modified_gmt":"2022-06-15T17:13:09","slug":"binance-ceo-throws-shade-at-exchange-rivals-over-layoffs","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/binance-ceo-throws-shade-at-exchange-rivals-over-layoffs\/","title":{"rendered":"Binance CEO throws shade at exchange rivals over layoffs"},"content":{"rendered":"

On Wednesday, Binance CEO Changpeng Zhao<\/a> (CZ) tweeted that his firm is actively looking to fill 2,000 open positions.<\/p>\n

This is in contrast to rivals, many of which have recently announced staff cuts.<\/p>\n

Binance bucks crypto layoff trend<\/h2>\n

Several crypto firms have recently announced layoffs in response to worsening economic conditions.<\/p>\n

Coinbase CEO Brian Armstrong<\/a> 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.<\/p>\n

BlockFi<\/a> announced this week that it would let go of 20% of its staff (around 170 employees) to maintain profitability under lean economic conditions.<\/p>\n

Crypto.com<\/a> said a 5% cut of its workforce (or 260 employees) was necessary to protect the firm from the current market situation.<\/p>\n

Similarly, at the start of this month, Cameron and Tyler Winklevoss<\/a> said Gemini was cutting 10% of its workers as the market entered a contraction phase.<\/p>\n

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.<\/p>\n

FTX CEO Sam Bankman-Fried<\/a> said the company has hired carefully over the years and grown its revenue, not costs. The allows FTX<\/a> to “keep pushing forward,” rather than scaling back.<\/p>\n

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12) And because we hired carefully, we can keep growing regardless of market conditions.<\/p>\n

Because we exponentially scaled our revenue and productivity, not our expenses.<\/p>\n

But more importantly, because each person we add takes on a huge opportunity, and a huge responsibility.<\/p>\n

— SBF (@SBF_FTX) June 6, 2022<\/a><\/p><\/blockquote>\n