The recent bearish trend of the crypto market has brought with it an unprecedented wave of unemployment in the crypto industry, prompting financial regulators to step in and put many of them out of work.
On June 14, the Financial Industry Regulatory Authority of the United States (FINRA) announced plans to increase its resources “to understand and monitor cryptocurrencies”, therefore, it is set to hire former crypto industry workers. which have recently been closed.
The news comes after a wave of massive layoffs by major cryptocurrency exchanges such as Crypto.com, Robinhood, Coinbase, Gemini and BlockFi, which saw the company cut more than 20% of its workforce.
FINRA Wants to Hire Crypto Natives to Provide Better Services
According to the CEO of FINRA, the idea of the organization is to expand the workforce trained in the cryptocurrency space, as there is a high demand for knowledgeable personnel.
FINRA CEO Robert Cook told a conference covered by Reuters that FINRA has to participate in the crypto space. The organization is already counting dozens of members who have managed to get approved to trade cryptocurrencies, so hiring crypto experts seems like the next logical step.
“FINRA has several dozen members who have been approved to trade digital asset securities, as well as members who allow clients to access crypto products, and members with registered representatives who have outside business activities around crypto. “
Furthermore, he called on all those who have been removed from the cryptocurrency platform to act:
“We will need to have the resources involved and ready to do this, so anyone who is being pulled out of crypto platforms and wants to work for FINRA, give me a call,”
The Crypto Crash Pulled Some Crypto Companies Down With It
The crypto market crash has caused an unexpected collapse in many of the most important and heavily invested projects in the ecosystem, causing millions of losses to many cryptocurrency platforms.
For example, Coinbase, one of the largest US cryptocurrency exchange platforms, announced a layoff of about a fifth of its workforce (about 1,100 people) by email, while Gemini, another cryptocurrency exchange, had to lay off 10% of its workforce. .
This spate of “proper” layoffs by CEOs of affected exchanges has not reached all platforms. Binance—which hired experts from FINRA in April—and Kraken continue to hire new employees for their companies. In a recent tweet early today, the CEO of Binance, Chanpeng Zhao, sought to distance himself from his rivals, implying that his crypto exchange had a better growth strategy than other platforms, emphasizing that Binance is really hiring people in these tough times:
It wasn’t easy saying no to Super Bowl commercials, stadium naming rights, big sponsor deals a few months ago, but we did.
Today, we are recruiting for 2000 open positions #binance, pic.twitter.com/n24nrUik8O
— CZ Binance (@cz_binance) June 15, 2022
So all is not lost; FINRA isn’t the only organization eyeing new jobs in the crypto industry.
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