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The head of Binance is trolling the crypto exchange competitors

The head of Binance is trolling the crypto exchange competitors

The head of the largest cryptocurrency exchange Binance Changpen Zhao was kidding his competitors, saying that the company, contrary to the market trend of job cuts, has 2,000 new positions.

In his message, the head of Binance pointed out that the company managed to open new vacancies due to the efficient cost allocation. At the same time, he cited examples of failed budget planning on the part of crypto exchange competitors.

“It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did. Today, we are hiring for 2000 open positions for Binance”, he said. 

The head of Binance made several references to competitors in his message. He probably meant cryptocurrency exchange Coinbase in part about the Super Bowl. Recall that in February 2022, the trading platform bought an ad shown during the championship broadcast. At the same time, the Coinbase team did not estimate the possible load on the platform. As a result, the crypto exchange went offline against the backdrop of the advertising launch. In fact, the campaign was worth $16 million to Coinbase.

The passage about the stadium's naming is probably a reference to the Crypto.com cryptocurrency exchange deal. In November 2021, representatives of the platform entered into an agreement to rename the Lakers basketball arena to Crypto.com Arena for a 20-year period. The deal cost the crypto exchange $700 million.

Changpen Zhao could also refer to the U.S. cryptocurrency exchange FTX's decision to buy the naming rights to the pitch from a leading student stadium in the United States in August 2021. The deal cost the trading platform $17.5 million.

Changpen Zhao believes that big spending by competitors may have caused forced layoffs due to illiterate budget spending. In 2022, as the crypto market declined, many crypto projects announced forced layoffs. For example, in June 2022, Coinbase announced its plans to lay off 1,000 employees so that it could outlast the crypto winter. 

Online users noticed that this wasn't the first time Binance acted against the market. For example, during the last crypto winter, the crypto exchange spent the saved money to buy the largest data aggregator on the market of digital assets, namely, CoinMarketCap.

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