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CZ Says Total Decentralization is Impossible, Announces Hiring Spree

Binance CEO Changpeng Zhao doesn't see a decentralized future for the company and is boosting hiring by up to 30%

Image credit: Web Summit

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Changpeng Zhao has declared that total decentralization is not possible whilst announcing that Binance will boost its headcount.

Speaking at the Crypto Finance Conference in St. Moritz, Switzerland, on Wednesday, Zhao addressed the burgeoning concern that the crypto market will suffer long term turmoil.

“There’s definitely damage, [but] the industry will be fine,” CZ said. “We will continue to build and hopefully we will ramp up again before the next bull market.”

Zhao said the industry should "embrace and help shape regulation" whilst prioritizing customer protection. He highlighted that if a country shuts crypto down, "the traditional financial players are the ones who suffer the most."

Read more: Binance Was Crypto's Most Powerful Middleman in 2022

"They will lose out in the long term and will end up being disrupted," Zhao said of China's crypto ban.

The crypto industry leader went on to say that total decenralization is impossible, at least for Binance, "because of regulators' demands, such as the obligation to have a physical headquarter."

Looking ahead, Binance plans to increase its headcount by between 15% and 30%, at a time when the market is riddled with layoffs.

Just this week, Consensys said it is looking to reduce its labour force by roughly 100 staff members, while US-based exchange Coinbase announced that it will be reducing its headcount by 20%.

Read more: Crypto Companies Hit With Fresh Wave of Layoffs

In 2022, Binance grew its headcount from 3,000 people to 8,000 people amidst crypto winter.

Zhao's talk comes just days before the World Economic Forum 2023 in Davos on 16-20 January.

Elsewhere in Europe, Binance has registered with Sweden's Financial Supervisory Authority to allow Swedish residents to buy and sell crypto in Euros, and access Binance's services.

The registration makes Sweden the seventh European jurisdiction to grant Binance approval after France, Italy, Lithuania, Spain, Cyprus and Poland.

Roy van Krimpen, Nordics and Benelux Lead said, "our next big task will be the successful migration and launch of local operations, including hiring of local talent, organizing more events and delivering more crypto education in Sweden."