Binance CEO, Changpeng Zhao, commonly known as “CZ,” said in a recent interview that a potential crypto winter is good for business.
When asked how Binance will fare during the current crypto winter following reports of recruitment freezes at Gemini and Coinbase, he answered confidently.
“It’s not the first time we’ve gone through a crypto winter. If we are in a crypto winter, it would be my third and Binance's second. So it's not the first time we’ve been through this.”
Some climbing ahead. Not the first time, won’t be the last. We will get there.— CZ Binance (@cz_binance) June 13, 2022
Changpeng Zhao has undertaken what is, for many exchanges, a hairy endeavor — recruiting new staff during a bear market to take advantage of the next possible bull market. “Right now is much better to hire, during bull markets, everyone is starting their own projects, and everyone is getting paid a ridiculous amount of compensation," he continued:
“Now the markets are more balanced, so top talents are available, and we want to hire them.”
The crypto-world has suffered through a period of decline these past few weeks, but the Binance boss still recommended that now is an excellent time for companies to expand and hire.
Related: Major crypto firms reportedly cut up to 10% of staff amid bear market
Meanwhile, however, many crypto exchanges such as Coinbase and Gemini have frozen new hires 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 axed 9% of its staff in April.
Changpeng continued by stating, “Binance has always been very frugal on large spending, we didn’t sponsor the Super Bowl,” and ”we didn’t buy stadium rights.”
Binance temporarily paused BTC withdrawals due to a stuck transaction causing a backlog on Monday, but CZ confirmed that funds were "SAFU" and they were resumed a few hours later.