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Binance Says Jobs Safe as Exchange Grows Ranks

Leading cryptocurrency exchange Binance has confirmed that it has no plans to lay off any employees amid widespread cuts in the industry.

Photo by Kanchanara / Unsplash

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Binance is looking to expand its workforce by filling 500 new roles by the end of June, Cointelegraph reported, citing a spokesperson who also dismissed rumors of layoffs at the exchange,

The statement comes in response to speculation that the exchange may be planning to cut jobs, which the spokesperson has since denied. As of now, Binance has over 460 job listings on its website, with openings in various departments such as business development, customer support, communications, and engineering.

Binance CEO Changpeng Zhao had previously stated that the company was planning to increase its headcount by 15% to 30% in 2023. The exchange has already hired over 600 people since the start of the year, the spokesperson said.

According to Cointelegraph, 14 firms and nearly 3,000 jobs were lost in January, followed by 570 layoffs in February.

FUD Around Binance

And while many crypto exchanges have been forced to reduce their headcount, Binance has emerged as one of the winners in the industry, capturing a significant portion of it. However, the company has also faced scrutiny, including allegations of shuffling US$1.8 billion in funds, which CEO Changpeng Zhao dismissed as "FUD."

Binance has also been under regulatory scrutiny as of late. Last month, the US Securities and Exchange Commission (SEC) opposed Binance's US$1 billion deal to purchase Voyager Digital's assets, citing concern over how Binance plans to repay Voyager’s former customers.

More recently, Crypto broker Paxos, which was the issuer of the Binance-branded BUSD stablecoin, officially ended its relationship with Binance, following the SEC's announcement that it intends to sue Paxos for violating investor protection laws.

Related: Binance CEO: Forbes Does "Not Understand Exchange Basics"

Singapore re-entry?

This week also saw news that Binance is weighing up reapplying for a license to offer cryptocurrency services in Singapore for the exchange's custodial arm, more than a year after its local unit withdrew its application for a crypto license by the MAS (Monetary Authority of Singapore).

Binance recently rebranded its custodial department to "Ceffu," which launched its institutional custody services in Singapore in November.

Related: Binance Mulls Return to Singapore

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