The head of the world’s largest cryptocurrency exchange said we’ve been through this as a community before.
Binance CEO Changpeng Zhao, commonly known as “CZ,” said in a recent interview that a potential crypto winter would be good for business.
When asked how Binance will handle the current crypto winter following reports of Gemini and Coinbase hiring suspensions, he responded confidently.
“This is not the first time we have experienced a crypto winter. If we were in crypto winter, this would be my third and second Binance. So this isn’t the first time we’ve been through this.”
Changpeng Zhao undertook the difficult task for many exchanges of hiring new employees during a bear market in order to profit from the next possible bull market. “Now it’s much better to hire, during the bull market everyone starts their own project and everyone gets a ridiculous reward,” he continued.
“Now the markets are more balanced, so there are better talents that we want to hire.”
The crypto world has been going through a period of decline in recent weeks, but the head of Binance nonetheless recommended that now is the right time for companies to expand and hire employees.
Related: Major crypto firms reportedly laid off up to 10% of their staff amid bear market
In the meantime, however, many cryptocurrency exchanges such as Coinbase and Gemini have frozen recruitment and laid off employees. Companies such as Crypto.com and BlockFi have also laid off over 5% of their employees due to market conditions. Trading platform Robinhood also cut 9% of its staff in April.
Changpeng went on to say, “Binance has always been very frugal with big expenses, we didn’t sponsor the Super Bowl” and “we didn’t buy stadium rights.”
Binance temporarily put BTC withdrawals on hold due to a stuck transaction that caused the delay on Monday, but CZ confirmed the funds were “SAFU” and they resumed a few hours later.