Binance to Grow Despite Market Challenges, Announces Hiring Plans for 2023

Zhao explained that the company is "not super efficient" and that the hiring plans are aimed at getting the company better organized for the next crypto bull run.

This move is in contrast to other exchanges in the industry which have been cutting staff and expenses, including 30% staff reduction by Kraken in November, 20% layoffs by Huobi and Coinbase, and the closure of Coinbase's operations in Japan as a cost-cutting measure.

“We will continue to build and hopefully we will ramp up again before the next bull market,” Zhao said.

It is important to note that Binance has recently been registered as a financial institution in Sweden, which allows it to market itself directly to consumers in the country, and to launch a website in the Swedish language.