[2023-01-12] Binance says it plans to expand hiring by as much as 30% in 2023...

[Kakmakr]

Binance, the world's largest cryptocurrency exchange by trade volume, is planning to increase its staff numbers by 15% to 30% in 2023, chief executive officer (CEO) Changpeng Zhao said Wednesday at the Crypto Finance Conference in Switzerland.

https://finance.yahoo.com/news/binance-says-plans-expand-hiring-041426149.html

Binance are hiring more people and Coinbase, also one of the biggest Crypto Exchanges are slashing almost a fifth of it's workforce. It just shows you how different markets, influence different exchanges. 

[cr1776]

It certainly does show the difference in markets.  Coinbase probably over expanded during the prior times.  I do hope this is a sign of positive things to return for bitcoin.  The fraudster, scammer hangers-on who have wanted to make a quick buck by centralizing bitcoin need to be flushed from the system.  E.g. FTX, Celsius etc.  Not to mention a lot of the scam coins.

[Kakmakr]

It certainly does show the difference in markets.  Coinbase probably over expanded during the prior times.  I do hope this is a sign of positive things to return for bitcoin.  The fraudster, scammer hangers-on who have wanted to make a quick buck by centralizing bitcoin need to be flushed from the system.  E.g. FTX, Celsius etc.  Not to mention a lot of the scam coins.

I do not know if FTX were flushed ...or if they were thrown under the bus by it's competitor ...Changpeng Zhao (Binance) ... because my take on this is different to what other might think about this.

You do not promise a "bailout" and then do a rug pull at the last minute... when you know your competitor has no other options. I think FTX was deliberately brought down for strategic reasons. 

[SFR10]

Binance are hiring more people and Coinbase, also one of the biggest Crypto Exchanges are slashing almost a fifth of it's workforce.

At the moment, the current situation that they're in seems too good to be true, and despite being the largest exchange by trading volume, I'm afraid they're too big now to take a few wrong steps... There was also a mention of "not being super efficient" while planning to hire more staff ^{[a bit strange and I think CZ is being too optimistic]}.

[Slow death]

according to the binance article at 8000 employees, i'm honestly wondering how they have 8000 employees, i confess that i think this is a very high and exaggerated number, knowing that binance does not have physical offices, so i assume that these 8000 employees do not they follow no labor law, that is, they are people without any employment contract, I could be wrong about that, but anyway, he already has 8000 employees and they intend to hire more employees, I wonder where these employees will work, the article could have researched more and given more details

[bbc.reporter]

Binance, the world's largest cryptocurrency exchange by trade volume, is planning to increase its staff numbers by 15% to 30% in 2023, chief executive officer (CEO) Changpeng Zhao said Wednesday at the Crypto Finance Conference in Switzerland.

https://finance.yahoo.com/news/binance-says-plans-expand-hiring-041426149.html

Binance are hiring more people and Coinbase, also one of the biggest Crypto Exchanges are slashing almost a fifth of it's workforce. It just shows you how different markets, influence different exchanges.  

However, what are the different markets? The whole cryptospace follows the market of only one cryptocoin.

In any case, where does everyone speculate Binance will get the cashflow to expand their staff by 30% when the other exchanges are tightening because of the shortage on cashflow? Another question is in what currency will Binance pay their new staff? If this is in BUSD, I would not be shocked if they have began issuing unbacked BUSD and fractionalized this more.

[Lucius]

Another question is in what currency will Binance pay their new staff? If this is in BUSD, I would not be shocked if they have began issuing unbacked BUSD and fractionalized this more.

Isn't CZ one of the richest people when it comes to the cryptocurrency world with a fortune measured in billions of $? Besides, with all the income that CEX generates, why would it be a problem to pay new employees, especially if they come from countries where the average wages are very low?

I don't know what CZ has in mind, but somehow it doesn't seem to me that this is the right time for anyone to start playing with such things, unless they want to be the next big scandal in the crypto world. However, anyone who has any sense and understands what is happening should not believe in any stablecoin/token, because for me most of those coins are not backed by anything other than empty promises.

[Kakmakr]

I think it is better to be prepared, if there are a huge boost in the market... than being unprepared and being caught with your pants on your ankles.    They might know about some inside information that can have a significant impact on Crypto adoption in 2023, that we might not know about. (Example : More countries accepting Bitcoin as a currency/legal tender)

Also, companies like this can grow quickly.... but they can also lay off workers at a drop of a Dime, if the market perform poorly. I just wanted to post something positive for 2023....by starting this thread. 

[DooMAD]

according to the binance article at 8000 employees, i'm honestly wondering how they have 8000 employees, i confess that i think this is a very high and exaggerated number

If they really do have 8000 employees on their books, that's suspicious as hell.  How could an exchange possibly require that many people?  What would they even do?

And I'm guessing they won't be hiring in the US or the UK, as they're still under criminal investigation in the US and the UK have banned them outright from operating on UK soil. 

[Lucius]

They might know about some inside information that can have a significant impact on Crypto adoption in 2023, that we might not know about. (Example : More countries accepting Bitcoin as a currency/legal tender)

Which countries could these be? Maybe Tonga or Tuvalu or some other exotic country? I'm surprised that you haven't learned that "legal tender" by itself means nothing if people don't want to use Bitcoin as a currency (and they clearly show that they don't want to), so why expect such news can have a "significant impact" on anything.

As for me, I don't care at all what CZ will do with its company and whether 10 000 people and 10 000 robots will work there.

[bitmover]

Zhao said Binance needs to get the company “well-organized” ahead of the next crypto bull run and admitted the exchange is “not super efficient.”
https://www.cnbc.com/2023/01/11/binance-plans-15-30percent-hiring-spree-in-2023-even-as-rivals-cut-jobs.html

Looks like CZ is very optimistic and he is expecting a bull market in a few months.

I believe he can also trigger one, as he has a lot of funds under his custody and the biggest exchange in his hand. He just needs to wait for the perfect timing to do so.

[SFR10]

i'm honestly wondering how they have 8000 employees,

Apparently, "7,166 of their employees" are on LinkedIn, but I wouldn't be surprised if some of those profiles are fake!

I wonder where these employees will work,

You can refer to their "1,696 job openings" on LinkedIn ^{[that's roughly a 21% expansion (based on having 8000 employees)]}.

• And I'm guessing they won't be hiring in the US or the UK,
  

  Not sure about the US, but they're definitely hiring in the UK ^{[not only remote jobs]}.
  

[DooMAD]

And I'm guessing they won't be hiring in the US or the UK,

Not sure about the US, but they're definitely hiring in the UK ^{[not only remote jobs]}.

That's weird.  If you work for a finance company in a country where the regulators have said that company aren't allowed to operate, doesn't that put you in a rather difficult situation?

I wouldn't work for an exchange anyway, but I definitely wouldn't work for one that meant the authorities could kick my door in and haul me away for selling unregulated derivatives.

[bbc.reporter]

Another question is in what currency will Binance pay their new staff? If this is in BUSD, I would not be shocked if they have began issuing unbacked BUSD and fractionalized this more.

Isn't CZ one of the richest people when it comes to the cryptocurrency world with a fortune measured in billions of $? Besides, with all the income that CEX generates, why would it be a problem to pay new employees, especially if they come from countries where the average wages are very low?

I don't know what CZ has in mind, but somehow it doesn't seem to me that this is the right time for anyone to start playing with such things, unless they want to be the next big scandal in the crypto world. However, anyone who has any sense and understands what is happening should not believe in any stablecoin/token, because for me most of those coins are not backed by anything other than empty promises.

It might not be as simple as because CZ is very rich, he can do this and this. According to some news articles, Binance has been bleeding assets. $12 billion in less than 60 days according to a video interview in Forbes published on January 10.



Binance Is Bleeding Assets, $12 Billion Gone In Less Than 60 Days

Source https://www.forbes.com/video/6318474359112/binance-is-bleeding-assets-12-billion-gone-in-less-than-60-days/

This is mass liquidation, I reckon. Traders might be losing confidence and they are cashing out. Also if an exchange or an investment bank goes through a mass liquidation, it might break unless they find another source of dollars to refill the billions of dollars that those customers have withdrawn. Will CZ use his own personal wealth to refill the billions in outflow? I do not know the answer hehehe.

On BUSD, it has fractionalized and it might presently be fractionalized.



Bloomberg reported Tuesday (Jan. 10) that the Binance-Peg BUSD reserves were at three separate times missing collateral of as much as $1 billion.

The cryptocurrency exchange’s token is meant to have its value backed by reserves of another stablecoin, BUSD, that has the Binance brand but is issued and managed by Paxos Trust and is backed by a reserve of cash and U.S. Treasury bills, according to the report.

However, according to the report, there were times when new Binance-Peg BUSD tokens were minted without having locked up the equivalent amount of collateral in the form of BUSD, the report said.

Source https://www.pymnts.com/cryptocurrency/2023/binances-stablecoin-was-at-times-undercollateralized-by-up-to-1b/

[Lucius]

It might not be as simple as because CZ is very rich, he can do this and this. According to some news articles, Binance has been bleeding assets. $12 billion in less than 60 days according to a video interview in Forbes published on January 10.

Rich people usually do whatever they want, at least that's the impression they leave on the public. The question is how committed CZ is to what it represents, that is, will it protect the liquidity of its business with its own funds? It seems to me that he very skillfully balances on a line that is often in the gray zone as far as his business is concerned, and it seems that he is still a little more intelligent than Bankman.

However, according to the report, there were times when new Binance-Peg BUSD tokens were minted without having locked up the equivalent amount of collateral in the form of BUSD, the report said.[/i]

This does not surprise me in the least, because it is no secret that in the world of so-called stablecoins, many companies issue tokens without being backed by anything - and if you remember that at one point the company behind USDT admitted that only 70% of their tokens is backed by USD. It is precisely because of such things that I have never been a supporter of stablecoins, and I believe that they represent a very serious possible attack vector on Bitcoin if some powerful governments like the US decide to take that step.

[SFR10]

That's weird.  If you work for a finance company in a country where the regulators have said that company aren't allowed to operate, doesn't that put you in a rather difficult situation?

Normally, it should, but they're quite creative in finding different workarounds ^{[e.g. last time I checked, they were looking to acquire a Filipino firm with a VASP license, as a workaround to a three-year moratorium on issuing that specific license]}.

[bbc.reporter]

It might not be as simple as because CZ is very rich, he can do this and this. According to some news articles, Binance has been bleeding assets. $12 billion in less than 60 days according to a video interview in Forbes published on January 10.

Rich people usually do whatever they want, at least that's the impression they leave on the public. The question is how committed CZ is to what it represents, that is, will it protect the liquidity of its business with its own funds? It seems to me that he very skillfully balances on a line that is often in the gray zone as far as his business is concerned, and it seems that he is still a little more intelligent than Bankman.

However, according to the report, there were times when new Binance-Peg BUSD tokens were minted without having locked up the equivalent amount of collateral in the form of BUSD, the report said.[/i]

This does not surprise me in the least, because it is no secret that in the world of so-called stablecoins, many companies issue tokens without being backed by anything - and if you remember that at one point the company behind USDT admitted that only 70% of their tokens is backed by USD. It is precisely because of such things that I have never been a supporter of stablecoins, and I believe that they represent a very serious possible attack vector on Bitcoin if some powerful governments like the US decide to take that step.

Did I read your reply correctly? It appears for the first time we are in agreement in an argument hehehe.

In any case, with losing confidence and mass liquidations happening in Binance and with their stablecoin fractionalizing and becoming something undercollaterized, is this only a matter of time before we witness Binance become something similar to the bankruptcy of Lehman Brothers?

[Lucius]

Did I read your reply correctly? It appears for the first time we are in agreement in an argument hehehe.

I'm sure it's not the first time we've agreed on something, it's just that we haven't agreed on some things lately - but I think it's completely normal and that we can't all have the same opinion because the world would be a very boring place in that the case

In any case, with losing confidence and mass liquidations happening in Binance and with their stablecoin fractionalizing and becoming something undercollaterized, is this only a matter of time before we witness Binance become something similar to the bankruptcy of Lehman Brothers?

We can only guess what is happening in that company or trust its CEO, but as I already wrote, I don't think that CZ is so naive and stupid that he does things the way Bankman did them. I hope that no disaster will happen there, regardless of the fact that some investigations are being conducted against that company in some countries, but they have already shown that they know how to adapt and seem to have more lives than a lucky cat.

However, the bigger the company and the more influence it has on the crypto currency market, the greater the risks, and any failure of such a company would have a strong negative impact on Bitcoin and everything related to it.

[bbc.reporter]

@Lucius. I know I was cheering for Sam Bankrupt-Fried before, however, after knowinng what type of person he really is it might be a mistake in comparing him with CZ. Sam is a scammer and someone who might be laundering money for his backers. CZ might be called a hustler and a market manipulator, however, he is helping in the development of the cryptospace.