Binance Launches Hiring Spree to Combat Crypto Fraud

In a time of crypto market downturn, many exchanges are scaling down their operations by firing employees. However, one important exchange Binance is going a different route by planning to hire new staff. Accoridng to the latest reports published by Daily Hodl, the crypto giant is set to embark on a hiring spree as some of its competitors are scaling down their operations.

Despite the crypto markets crash, Binance is not only still going on with its plans but is also planning to increase their employees by 15% – 30% in 2023, according to their CEO Changpeng Zhao. This is unlike many other exchanges that have already announced massive layoffs, such as Coinbase, Kraken, and Huobi.

This hiring spree is bucking the trend that has seen most major crypto exchanges scale down their operations during this bearish market cycle and support their narrative that bearish times are the best times to build long term investments.

Amid this, Binance is also not only expanding its operations in Japan but also registering with the country’s financial watchdog.

The Securities and Exchange Commission is also launching a hiring spree to combat cybercrime in the crypto market. The agency’s newly renamed Crypto Assets and Cyber Unit will add 20 positions, bringing it to 50 dedicated roles.

It’s a good news for investors as the SEC aims to strengthen their ability to protect against fraud in the crypto market. The agency’s crypto team is working to identify and address cybersecurity threats in the industry, including attacks by malware, fraudsters, and phishing scams.

In addition, the SEC has recently filed a criminal complaint against a blockchain project that operates a pyramid scheme and is suspected of violating federal securities laws. Among the allegations, the agency accuses the blockchain project of attempting to circumvent anti-money laundering requirements by providing virtual currency services in the United States while not having a legal presence.

A year-long slump in the cryptocurrency market has driven investors to seek safety in traditional assets such as gold, silver, and bonds. The market has fallen over 50% since its peak in 2021, and several macro-economical and geopolitical events have thrown the global economy into a recession, making it difficult to predict the next move in crypto prices.