Binance Plans to Hire 2,000 New Employees against Coinbase & Gemini Layoffs and SEC Investigation


Despite the current decline in the cryptocurrency market, Binance, one of the largest crypto exchange platforms in the world by market volume, has no plans to pause its expansion plans and even intends to recruit 2,000 additional employees.


It is hard to ignore this statement from Changpeng Zhao (commonly called CZ), the head of Binance. This news comes at a time when Binance’s competitors, other popular cryptocurrency exchange platforms like Coinbase and Gemini, have announced plans to pause hiring and lay off some of their workers.

Recently, Coinbase made public plans to lay off 18% of its workers. Coinbase had earlier announced its plans to pause hiring as a way of cutting down costs. Gemini, the Winklevoss brothers-led exchange, also announced that it will be cutting 10% of its workforce.

What makes the decision by Binance to create new vacancies more epic is the SEC investigation launched last week against Binance. The regulator wants to check the cryptocurrency exchange and know whether its native token, Binance Coin (BNB), was launched as investment security in 2017. Previously, such investigations have affected Facebook and its DIEM token (formerly known as Libra), Telegram’s plans to launch the GRAM token, and Ripple’s XRP.

Binance is also planning to launch the fifth episode of the Most Valuable Builder (MVB) accelerator program, which is an incubation program meant to support new projects focused on Web3 and Decentralized Finance (DeFi).


The program was organized in collaboration with BNB Chain, and it’s meant to provide dedicated support to Developers actively creating decentralized apps on the BNB Chain blockchain network by providing them with investment and incubation.

The MVB program was initially launched in May 2021 with the goal of helping BNB chain-based startups to create new projects, receive funds, gain exposure, and accelerate community and business growth. Examples of successful projects based on MVB include infrastructure DeFi projects such as Solv Protocol and Deri Protocol, GameFi, decentralized exchange Biswap, metaverse platform Metasset, and others.

The fifth cohort, which is the latest round and also named the “Uncharted Territory”, aims to explore new opportunities and boost the emerging projects in the volatile cryptocurrency market.

“MVB V is structured differently than previous cohorts, with BNB Chain and Binance Labs collaborating for the first time to provide infrastructure, mentorship, funding, and ecosystem support to the projects,” said Gwendolyn Regina, the BNB Chain investment director. “The funding source of MVB will be directly from Binance Labs,” she added.

The current bear cryptocurrency market is not a threat to the accelerator program. Binance believes that extreme market conditions generate stronger projects.

“Bear markets are a great way to assess and support projects that truly make a difference in the blockchain ecosystem. If anything, now is the best time to spot strong, mission-driven projects and assist their growth and development,” said Regina.

Binance is seeking to hire 2,000 new employees, with CEO Changpeng Zhao saying that cryptocurrency exchanges view bear markets as a “great time to bring on top talent.”

Other Crypto News

In some of the latest Bitcoin news, the price of the leading cryptocurrency was below the $21,000 mark on Friday 17. However, the Bitcoin price managed to climb past this mark on a few occasions. At the time of writing, the BTC price was about $20,632 on Binance, Coinbase, and CoinMarketCap. The following BTC to USD chart shows the changes in BTC value in the past 24 hours.

Source: CoinMarketCap

Ethereum, the second-largest cryptocurrency by market cap, was trading below the $1,100 mark for most of the day. At the time of writing, the Ethereum price was about $1,094 on Coinbase, Binance, and Coin Market Cap.

Source: CoinMarketCap

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