Binance is adding 1,000 new employees in 2024. 

New hirings focused on two main areas. 

Hiring suggests an optimistic outlook on the market. 

When the crypto market crashed in 2022, most exchanges immediately and dramatically cut costs. This is because exchanges are notoriously dependent on the market’s performance. Now, the reverse is happening. 

Binance, the largest exchange by trading volume, has announced plans to hire 1,000 new employees this year. This hiring spree, focused on several key areas, suggests something important about Binance’s future outlook. 

Why Binance Is Hiring 1,000 New Employees

Binance is going on a hiring spree. On Thursday, August 22, Binance’s CEO Richard Teng announced plans to hire 1,000 new employees by the end of 2024. These new employees will be split among key roles in the company, the chief of which is compliance.  Sponsored

This information was disclosed during Teng’s visit to the United States, where he met with various authorities. US officials have been overseeing Binance’s operations as part of the company’s plea deal after a $4.3 billion settlement with the US. Due to increased compliance requirements, many of Binance’s new employees will fill compliance roles. According to its CEO, Binance will grow its compliance department from 500 to 700 employees. 

While compliance explains a part of the hiring push, it does not explain all of it. According to the CEO, the rest of the 1000 new roles will go to other key areas, including customer service. This indicates that Binance is prepared to invest in its business due to a positive market outlook. The expansion in customer support, in particular, aligns with potential market growth and a growth in user activity.

Bear Market, Lawsuits Forced Binance to Cut Staff

The crypto exchange business depends heavily on the direction of the crypto markets. As crypto exchanges make money from fees, they benefit from higher crypto prices and more volume. High crypto market volumes further amplify this during bull markets. At the same time, crypto exchanges have high fixed costs, which include corporate overhead and compliance.  Sponsored

For that reason, crypto exchanges are a cyclical industry, depending heavily on whether the market is bullish or bearish. For instance, after the 2022 crypto crash, multiple crypto exchanges were forced to cut staff, including Binance. Binance was dealt a further blow thanks to the costly legal process with US authorities. 

The decisions to cut staff were not taken lightly. Hiring and firing employees in a tech firm is costly and time-consuming. Therefore, Binance’s decision to drastically expand its staff indicates the firm’s optimistic outlook for the near future. 

On the Flipside

Binance’s CEO also revealed that the company is exploring a location for a global headquarters, reportedly considering Dubai and Abu Dhabi. 

Crypto markets are unpredictable, even for the most experienced. While Binance may anticipate growth, it is not guaranteed to happen. 

Why This Matters

Binance’s hiring spree suggests that the exchange, which has unique insights into the market, is optimistic. This suggests that, while growth is not guaranteed, key players are preparing for it. 

Read more about how the SEC lawsuit impacted Binance: SEC’s “Mortal Blow” to Binance Slashes Revenue and WorkforceRead more about Solana ETF chances: Solana Gains Ground With Brazil’s Latest ETF Approval

.social-share-icons { display: flex; flex-direction: row; margin-top: 32px; margin-bottom: 16px; gap: 8px; } .social-share-icons a { display: inline-block; color: #555; text-decoration: none; } .social-share-icons svg { width: 31px; height: 31px; }