Binance, Coinbase, and Gemini staff are unhappy, according to data.

Crypto exchanges, including Gemini, Binance, and Coinbase, have some of the least happy employees in the industry, according to data from Glassdoor. However, some argue that the results may be skewed.

A quadrant chart by tech recruitment firm TrueUp, which gathered data from Glassdoor, compares employee happiness and growth in crypto firms.

27 of the most valuable cryptocurrency firms were placed on the chart.

The chart shows that defunct crypto lender Celsius, crypto exchange Gemini, and crypto trading firm Amber Group have the least happy employees, based on data from 80, 139, and 42 reviews, respectively.

Binance and Coinbase also appear on the left side of the chart, with a total of 1,257 reviews on Glassdoor.

Glassdoor does not have a happiness metric, but it measures whether the reviewer would recommend the company to a friend, the approval of the CEO, and the reviewer’s positive outlook for the company.

Binance attributes score to ‘hardcore’ values

A Binance spokesperson explained that the firm looks for candidates who can thrive in a high-performance environment and are focused on delivering for users.

They also mentioned that not every Binance employee is cut out to be “hardcore,” which is one of the firm’s core values.

“It also means that sometimes, we have some who are not able to thrive in this unique, brutally fast environment, and we have to accept some negative reviews as a result.”

“Negative feedback enables us to address problems, and we’re constantly working to improve our employee experience,” added the Binance spokesperson.

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

Glassdoor concerns

Glassdoor reviews are user-submitted and self-reported. In 2017, recruiters raised concerns about the legitimacy of Glassdoor data, suggesting that reviews can be easily faked or manipulated.

However, Glassdoor states that every review goes through a moderation process before it is published on its website.

Neil Dundon, the founder of Crypto Recruit, mentioned that while the Glassdoor data is speculative, it seems that employees building infrastructure are more satisfied than those working at exchanges.

“The sadder employees may not be as fulfilled given they are working in a more speculative/exchange environment whereas the right side are actually building infrastructure for blockchain, so these employees may feel they have more purpose in their work.”

Dundon suggested that the large staff layoffs among top-tier firms have likely influenced the figures.

“Across the industry in general, though, it’s hard to feel happy in your job when there is underlying insecurity among employees with all of the layoffs that have happened over the last year,” he said.

According to Dundon, the worst may be behind crypto employees now.

Related: Crypto recruitment execs reveal the safest jobs amid layoff season

Meanwhile, the TrueUp chart suggests that the happiest workers in the industry come from Ava Labs, the team behind the Avalanche blockchain; cryptocurrency exchange and wallet provider; and Fireblocks, an institutional digital asset custodian.

Glassdoor data also shows that Alex Mashinsky, the founder and former CEO of the now-bankrupt cryptocurrency lending platform Celsius, was one of the industry’s most disliked CEOs, with only 27% of past and present Celsius employees approving of him.

Brian Armstrong and Changpeng “CZ” Zhao, the CEOs of Coinbase and Binance, respectively, have approval ratings of 69% and 65%, which are lower than average for technology-based CEOs.

Magazine: Can you trust crypto exchanges after the collapse of FTX?


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