Crypto Market Comment from Binance CEO: I’m worried! –

Binance CEO Changpeng Zhao (CZ) made important statements about the crypto market. CZ suggested that the problems brought about by the FTX bankruptcy would put cryptocurrency adoption at risk. For those who don’t know, many platforms have recently decided to reduce their workforce, due to the bankruptcy of FTX and the bear market. Kraken, for example, laid off 30% of all its employees. CZ said he is concerned about the disruption of cryptocurrency and blockchain adoption due to these developments.

CZ wants to lead the new wave of crypto market

Binance CEO Changpeng Zhao said on Tuesday that the Binance team has employees from over 100 countries. However, he added that this is not enough. CZ also spoke about the layoffs of crypto companies. Accordingly, it has committed to recruiting talented employees in the field of cryptocurrency, Web3, and Blockchain. Then, he underlined that they will continue to educate people about the field. The world’s largest crypto exchange seems to be preparing itself for the new wave of adoption. Binance wants to lead the next crypto market adoption.

Binance will employ 8,000 people by 2023

Many crypto companies such as Coinbase,, and Bybit have decided to lay off the majority of their employees. The reason for this was the bankruptcy of FTX, one of the largest Derivatives exchanges in the world, at the beginning of November. This collapse prolonged the bear market. Thus, it forced companies serving in the crypto market to downsize. In this environment, Binance CEO tweeted that “despite employees from more than 100 countries, this is not enough.” This tweet comes after the exchange announced that it will hire 8,000 people by 2023.

However, CZ also announced that it plans to train qualified people who are new to the crypto world. Accordingly, the exchange will provide practical cryptocurrency training and workshops for investigators and prosecutors. CZ announced that it has collaborated with law enforcement agencies in Singapore, Malaysia and Thailand over the past three weeks. For example, the cooperation in Thailand consisted of a 2-day training on money laundering. However, some basics such as application investigation techniques, case studies and researching crypto exchanges were also included in the training.

Binance profits from FTX crash As we reported, FTX crashed in early November. Some users blamed Binance for this. Because the exchange announced that it sold the native token of FTX, FTT, and everything happened after that. CZ responded to these allegations at the time. The CEO suggested that “in order to compete with FTX, they should have done this sooner.” Current data shows that this bankruptcy has benefited Binance. After FTX filed for bankruptcy, Binance recorded a 30% increase in trading volume. This came as prices across all crypto market assets were falling.

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