With banks around the world warning of a global recession, companies are slashing jobs from the corporate level down to entry level positions over fears of a market downturn.

Amazon announced last week that it plans to cut 18,000 jobs across their global operations.

In November, Meta announced plans to layoff 11,000 positions, the equivalent of 13% of its workforce after rapid and unsustainable expansion over two years and its bad bet on the Metaverse.

Several other tech companies, including Twitter, Snapchat, Soundcloud, Salesforce, Vimeo and Stitch Fix have also announced job cuts.

Among the hardest hit sectors: cryptocurrency exchanges, which are feeling the pressure after $1.4 trillion dollars were wiped from the crypto markets.

The largest North American crypto exchange, Coinbase expects to cut another 20% of its employee headcount in its second round of layoffs. Kraken, another cryptocurrency exchange is slashing its staff by up to 30%.

One crypto exchange, however, is taking a different approach.

After the collapse of FTX and its failed plans to purchase the bankrupt crypto brokerage firm, Voyager Digital, Binance swooped in.

Binance is offering to purchase Voyager Digital for $1.1 billion dollars and go on a hiring spree, according to CNBC.

Changpeng Zhao, the company’s CEO, said Wednesday that Binance plans to increase its staffing by 15% to 30%.

Zhao, or “CZ,” admits his exchange is “not super efficient” and hopes to get the company “well-organized” before the next “crypto bull run.”