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    Binance Sets a New "Goal" for Expansion to Remain the Top BTC Reserve

    Pathik Bhattacharya
    Nov 22, 2022 17:33
    The biggest cryptocurrency exchange in the world, Binance, wants to grow even more and plans to hire 600 more employees by the end of the year.
    Binance Sets a New "Goal" for Expansion to Remain the Top BTC Reserve
    Source: crypto news
    • According to a tweet by CEO Changpeng Zhao, the company plans to employ 8,000 people by 2023.
    • However, public documents indicate that the group's hedge fund, Alameda, used FTT to make risky loans, trading with company shares.

    The biggest cryptocurrency exchange in the world, Binance, wants to grow even more and hire 600 more employees by the end of the year. According to a tweet by CEO Changpeng Zhao, the company plans to employ 8,000 people by 2023.

    Over 7,400 employees currently work for Binance, the executive claimed. It's important to note that the recent recruiting goal set by Binance contrasts sharply with the industry-wide hesitation to expand hiring.

    Understandably, concerns over Binance's predominance in the sector have grown in the wake of FTX's implosion earlier this month.

    The FTX Crash Cost Investors Money Involved FTT Token

    In essence, the company treated FTT as a share in FTX that it promised to buy back with a portion of its future earnings.

    However, public documents indicate that the group's hedge fund, Alameda, used FTT to make risky loans, trading with company shares.

    In response to the revelation, Binance, a significant FTT stakeholder, declared that it would liquidate its assets. This caused a rush on the exchange as users rushed to withdraw their funds.

    Additionally, the company pulled out of the acquisition agreement with FTX, which led to its bankruptcy. Sam Bankman-Fried, a 30-year-old CEO and entrepreneur, resigned.

    Zhao revealed that Binance plans to form a global cryptocurrency association and an industry recovery fund to "build incredibly robust rules for the sector" last week at a conference in Indonesia.

    Binance said in a written statement submitted last week to the U.K. Parliamentary Treasury Committee that, despite not intending to hurt FTX, the company has reduced its exposure due to those problems.

    It is commonly accepted that Binance's announcement that it will sell its FTT token holdings contributed to the sudden decrease in FTX.

    Binance is currently, for the first time, the exchange with the most outstanding BTC reserves, according to the well-known analytics program CryptoQuant.

    "Every move CZ makes will be crucial to restoring market confidence, and vice versa; if he makes any mistakes, it will be a catastrophic red mistake for the entire market."

    Binance and its Continuing Growth

    Binance announced earlier this month that the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market(ADGM) had awarded its Financial Services Permission (FSP).

    Related: Sudden 130K Bitcoin Inflows on Binance Shows Bearish Stance

    In keeping with its objectives for Middle Eastern expansion, the FSP will enable Binance to provide custody to business clients. This is provided that the clients comply with the FSRA-established rules for the FSP.

    According to CZ, a strict tax regime now inhibits the bitcoin exchange from properly operating in India. The administration declared, "Binance goes to countries with pro-crypto and pro-business rules.