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Binance appoints former Brazilian Economy Minister to its advisory board

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Binance, the world’s largest exchange by trading volumes, is growing its team. The exchange has now appointed Henrique Meirelles, who previously served as the President of the Brazilian Central Bank and an Economy Minister, as a member of the Binance advisory board.

Former Brazilian Central Bank President joins Binance

Binance has exuded a positive outlook despite the ongoing bear market. While many cryptocurrency exchanges have laid off their staff because of the declining crypto prices, Binance has gone on a hiring spree during the past few months. In May, the exchange announced openings for around 2000 positions.

In June, the CEO of Binance, Changpeng Zhao, assured users that the exchange had a “healthy war chest.” It also added that cryptocurrency winters presented the ideal time for companies to expand their employee base.

O Globo’s report has confirmed that Binance has welcomed a new member to its Advisory Board. Henrique Meirelles will now be part of Binance’s advisory team. The economist previously held the position of the President of Brazil’s central bank. He has also previously served as an Economy Minister. In 20198, Meirelles unsuccessfully vied for President of Brazil.

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The report said that Meirelles would be part of a new advisory board set up by Binance. The exchange has also said that it would release more details about the objectives of this board soon.

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Meirelles’ move to join Binance comes amid the exchange’s growing dominance in the Latin American region. Many countries in Latin America, including Argentina, Brazil, and Mexico, have been dealing with high inflation levels that have triggered panic among residents. Most of these countries have turned their attention toward digital assets.

In August, Maximiliano Hinz, an executive at Binance Latin America, said that the negative economic outlook in the Latin American region was among the key reasons why the exchange had recorded a rise in new users joining the exchange in recent months.

Hinz said that the rising inflation levels worldwide resulted in a growing demand for cryptocurrencies such as Bitcoin. These digital assets presented an ideal way for people to protect themselves from a declining fiat.

Other exchanges are laying off staff

As aforementioned, not all exchanges have been able to withstand the effects of the ongoing crypto winter. Some top exchanges have resulted in laying off staff to reduce costs.

Coinbase, the largest cryptocurrency exchange in the United States, announced laying off 18% of its staff. The bear market has also affected Coinbase shares which are now down by around 60% year-to-date (YTD). Other exchanges that have laid off staff include Bybit, CryptoCom, Gemini, and Huobi.

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