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Binance CEO, Changpeng Zhao, commonly known as \u201cCZ,\u201d said in a recent interview that a potential crypto winter is good for business.<\/p>\n
When asked how Binance will fare during the current crypto winter following reports of recruitment freezes at Gemini and Coinbase, he answered confidently. <\/p>\n
\u201cIt\u2019s not the first time we\u2019ve 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\u2019ve been through this.\u201d<\/p><\/blockquote>\n
\nSome climbing ahead. Not the first time, won\u2019t be the last. We will get there.<\/p>\n
\u2014 CZ Binance (@cz_binance) June 13, 2022<\/a><\/p><\/blockquote>\n
Changpeng Zhao has undertaken what is, for many exchanges, a hairy endeavor \u2014 recruiting new staff during a bear market to take advantage of the next possible bull market. \u201cRight 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:<\/p>\n
\u201cNow the markets are more balanced, so top talents are available, and we want to hire them.\u201d<\/p><\/blockquote>\n
The crypto-world has suffering 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.<\/p>\n
Related: <\/em><\/strong>Major crypto firms reportedly cut up to 10% of staff amid bear market<\/em><\/strong><\/a><\/p>\n
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 layed off over 5% of their employees due to market conditions. Trading platform Robinhood also axed 9% of its staff in April. <\/p>\n
Changpeng continued by stating, \u201cBinance has always been very frugal on large spending, we didn\u2019t sponsor the super bowl,\u201d and \u201dwe didn\u2019t buy stadium rights.\u201d<\/p>\n
Binance temporarily paused<\/a> BTC withdrawals due to a stuck transaction causing a backlog on June 13, but CZ confirmed that funds were \u2018SAFU\u2019 and they were resumed<\/a> a few hours later.\u00a0<\/p>\n<\/div>\n