Crypto exchange Binance has decided to conduct a hiring drive amidst the market turmoil, especially when rival exchanges have been laying off employees constantly.

The crypto exchange will, or at least is planning to, increase its workforce by 15-30% in 2023, as mentioned by Binance CEO Changpeng Zhao at the Crypto Finance Conference held in St. Moritz, Switzerland.

Zhao stated:

We will continue to build and hopefully we will ramp up again before the next bull market.

With the new hiring drive, Binance aims to add to the 5,000 workers that were hired in the previous year, as stated by Zhao at the conference. At the moment, Binance has been reported to have 687 job openings on its website’s careers page.

The news of the exchange hiring surfaced at a time other crypto companies are cutting jobs due to the massive FTX fall along with the crypto industry downturn. Among the companies that have carried out major layoffs, Coinbase happens to be one.

Coinbase recently announced its plan to fire over 900 employees from a total of 4,700 employees, which would mean that 20% of the company’s workforce would be rendered jobless. Kraken, too, announced that it would be cutting around 30% of its workforce.

Huobi also plans on job cuts this year, and an estimated 20% of its workforce is expected to be laid off. For Coinbase, however, this would be a second round of layoffs.

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