Despite many of its counterparts cutting down costs and laying off a large percentage of their workforce, crypto exchange Binance is even more interested in fast-tracking its expansion plans. According to a Wednesday statement by the CEO of Binance, Changpeng Zhao, the company is looking to fill out 2,000 new positions.
Binance unbothered by SEC investigation and economic situation
Notably, this move by Binance is coming at a time when most crypto firms are preparing for crypto winter. And to come to terms with current market conditions, a lot of them are busy laying off employees.
In fact, close competitors of Binance in the crypto exchange business — Gemini and Coinbase, recently laid off 10% and 18% of their workers, respectively. While Gemini blamed unfavourable market conditions, Coinbase cited unsatisfactory financial indicators as reasons behind its decision to fire 1,100 employees.
Meanwhile, apart from the current state of the economy, Binance is also currently under the investigation of the U.S. Securities and Exchange Commission SEC. The regulator launched an investigation last week, to determine if the exchange’s native token, Binance Coin (BNB), was a security when it launched in 2017.
But Binance looks to be unshaken by the investigation. Although in times past, investigations such as this have troubled the waters of big companies. For example, Facebook, saw its DIEM token (formerly Libra) investigated. Same thing with the popular messaging platform Telegram when it started preparing to launch its GRAM token. The most popular investigation, which ultimately led to an ongoing lawsuit is the one with Ripple’s XRP.
Worth the risk?
Maybe, and maybe not. For one, a decision such as this goes to establish Binance’s place as a global leader among its peers. But of course, that’s if all goes according to plan.
However, should things go sideways, then it might be the beginning of the end for the platform. This is particularly so, especially considering the undeniable reality of the current economic situation.
Nonetheless, it does appear that the Binance team has a couple of tricks up their sleeve. And we are certainly here for it.