Binance CEO Changpeng Zhao has stated that potential crypto winter is good for business. When asked how Binance would fare during the current crypto winter, following reports of recruitment freezes at Gemini and Coinbase. Zhao, aka “CZ” stated, “It’s not the first time we’ve gone through a crypto winter. If we are in a crypto winter, it would be my third and Binance’s second. So, it’s not the first time we’ve been through this.”
Zhao has undertaken what is, for many exchanges, a hairy endeavor, as his plans to continue recruiting new staff during this current bear market, so as to take advantage of the next possible bull market. He mentions that there are 2,000 open positions at the world’s biggest crypto exchange.
CZ stated, “Right now is much better to hire, during bull markets, everyone is starting their own projects, and everyone is getting paid a ridiculous amount of compensation. Now the markets are more balanced, so top talents are available, and we want to hire them.”
The crypto world has been going through a period of decline these past few weeks, but the Binance boss still recommended that now is an excellent time for companies to expand and hire.
Meanwhile, many crypto exchanges such as Coinbase and Gemini have frozen new hires and laid-off employees. Companies such as Crypto.com and BlockFi have also layed off over 5% of their employees due to market conditions. Trading platform Robinhood also axed 9% of its staff in April.
Earlier this week, Binance temporarily paused BTC withdrawals due to a stuck transaction causing a backlog on June 13, but CZ confirmed funds were ‘SAFU’ and resumed a few hours later.