Revealing the Unsettling Truth About Binance, Coinbase, and Gemini Staff Happiness

Revealing the Unsettling Truth About Binance, Coinbase, and Gemini Staff Happiness

Gemini, Binance, and Coinbase, among other cryptocurrency exchanges, have been identified as having some of the least satisfied employees in the industry, according to data obtained from Glassdoor. However, there are concerns that the results may not accurately represent the overall employee sentiment.

Tech recruitment firm TrueUp created a quadrant chart that assessed the happiness and growth of crypto firms based on data collected from job review platform Glassdoor. The chart included 27 of the most valuable cryptocurrency companies.

According to the chart, defunct crypto lender Celsius, crypto exchange Gemini, and crypto trading firm Amber Group had the least happy employees, based on reviews from 80, 139, and 42 individuals, respectively.

Binance and Coinbase also appeared on the less happy side of the chart, with a total of 1,257 reviews on their respective Glassdoor listings.

While Glassdoor does not have a specific happiness metric, it collects information on whether employees would recommend the company to a friend, their approval of the CEO, and their overall positive outlook on the company.

A spokesperson from Binance stated to Cointelegraph that the company looks to hire individuals who can thrive in a high-performance environment and are dedicated to serving users. They acknowledged that not all employees may be suitable for the intense and fast-paced nature of the organization, leading to some negative reviews.

The spokesperson emphasized that negative feedback enables the company to address issues and improve the employee experience.

Cointelegraph reached out to Coinbase, MoonPay, Bitpanda, and 21Shares for comment but did not receive a response at the time of publication. Gemini declined to comment.

Recruiters previously expressed concerns about the credibility of Glassdoor data in 2017, suggesting that reviews could be manipulated or falsified. However, Glassdoor maintains that all reviews undergo a moderation process before being published on its website.

Neil Dundon, the founder of Crypto Recruit, noted that while the Glassdoor data is speculative, it appears that employees involved in building blockchain infrastructure are more satisfied than those working at exchanges. Dundon suggested that the latter group may feel less fulfilled due to the speculative nature of their work.

Dundon also pointed out that the significant staff layoffs at top-tier firms likely influenced the figures, stating that job security concerns can negatively impact employee happiness.

Dundon offered a positive outlook, suggesting that the worst may be behind crypto employees now.

The TrueUp chart highlighted Ava Labs, the team behind the Avalanche blockchain, cryptocurrency exchange and wallet provider, and Fireblocks, an institutional digital asset custodian, as having the happiest employees in the industry.

Glassdoor data also revealed that Alex Mashinsky, the founder and former CEO of the now-bankrupt cryptocurrency lending platform Celsius, received low approval ratings from past and present employees, with only 27% approving of him. Brian Armstrong and Changpeng "CZ" Zhao, the CEOs of Coinbase and Binance, respectively, had approval ratings of 69% and 65%, which were lower than the average for technology-based CEOs.

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