Feb 03, 2026 
19 mins to read Let Me Recall That 2017 Talent Exodus
At its core, the talent market for Web3 exchanges is like an unending game of musical chairs. Looking back at the past three market cycles, each bull-to-bear market transition has sparked a battle for talent among centralized exchanges. The current hiring frenzy, which began at the end of 2023, reminds me of the scene during the 2017 ICO boom era—except this time, the protagonists have shifted from project teams to exchanges.
Remember when I worked in a traditional investment bank and saw Binance's job postings offering salaries twice as high as Wall Street? The entire trading floor went wild. Back then, most people didn't grasp the value of "blockchain," but today's situation is entirely different. OKX, Huobi, and Kraken recruitment posters have almost taken over the prominent positions in all Web3 talent communities.
The Exchange Talent Matrix: Who's Hiring Whom?
From a strategic perspective, the current talent demands of exchanges can be divided into three key battlegrounds:
- Compliance Experts: Global regulatory tightening has made this role incredibly sought-after
- Institutional Business Development: The key driver for traditional capital inflow
- Security Engineers: Their value can surge by 30% after each hacking incident
Funnily enough, the recruitment strategies of different exchanges also reflect their strategic priorities. Binance has recently been aggressively hiring cryptographic talent from Eastern Europe, clearly positioning itself for ZK-proof technology. Meanwhile, Kraken has been consistently scaling up its compliance team, adding 200 related positions just last year.
The Cyclical Evolution of Compensation Structures
Let me share an interesting observation: the compensation packages offered by exchanges have a distinct cyclical pattern, much like cryptocurrency market charts. During the 2018 bear market, 70% of compensation was in fiat currency; by 2021's bull market, this ratio had completely reversed; and now we're seeing a balanced 50/50 structure.
Behind this transformation lies a profound talent market logic:
- Attractive token compensation during bull markets to attract risk-tolerant talent
- Stable fiat compensation during bear markets to retain core teams
- Balanced compensation during transitional periods to address both motivation and stability
Recently, while helping a candidate compare offers from OKX and Huobi, we discovered that OKX offered shorter token lock-up periods but with higher volatility, while Huobi used a four-year linear vesting schedule. This difference essentially reflects the varying development stages and cash flow situations of the two exchanges.
Geopolitical Factors in Talent Strategy
Hardly noticed, the global geopolitical landscape is profoundly influencing the talent distribution in Web3 exchanges. Regulatory pressure in the U.S. has forced Binance to shift its focus toward the Middle East and Asia; the implementation of EU's MiCA regulations has led Kraken to establish a large compliance center in Dublin.
This reminds me of the talent exodus from Wall Street after the 2008 financial crisis. Many bankers then moved to Hong Kong and Singapore, and a similar story is unfolding in the Web3 world today. Three key trends deserve attention:
- The UAE is becoming a safe harbor for exchange executives
- The talent pool in Eastern Europe continues to expand
- Southeast Asia is emerging as the preferred choice for customer service and operational centers
Three Practical Tips for Job Seekers
As someone who has navigated multiple cycles in this field, I'd like to offer three suggestions to those considering opportunities in Web3 exchanges:
1. Focus on Exchange Reserves
Think of it like checking a bank's balance sheet. When recently evaluating a Huobi opportunity for a client, our first step was to examine their on-chain asset reserves.
2. Understand Market Implications of Compensation Structures
If an exchange suddenly increases its token compensation ratio, it could signal cash flow pressures. Binance's end-of-year structural adjustments last year were quite telling in this regard.
3. Prioritize Cross-Departmental Experience
Recent promotions at OKX share a common trait: executives have all rotated through product, operations, and compliance departments. These "tri-service talents" prove particularly resilient during bear markets.
The Deciding Factor: Institutional Business Talent
Let me make a bold prediction: the next phase of exchange competition will center on institutional business. This explains why Kraken recently poached an entire prime brokerage team from traditional investment banks.
Three types of talent will be in high demand:
- Structurers familiar with traditional financial products
- Bridging talent who understand both CEFs and DeFi
- Quantitative experts capable of designing complex derivatives
Last week, a Morgan Stanley VP contacted me through MyJob.one, expressing interest in transitioning to Web3 exchanges. My advice to him was: don't just focus on salary numbers, but consider whether the innovation you'll be part of offers long-term value.
The Echo of History: 2008 vs 2023
Every time I chat with new recruiters in the industry, I recount the story from 2008. After Lehman Brothers collapsed, the entire Wall Street was in hiring freeze—except for two departments: compliance and risk management.
Today, Web3 exchanges are playing out a similar scenario. While overall hiring has slowed, Binance and OKX have seen their security engineer positions grow by 120% year-on-year. This once again demonstrates an eternal truth in finance: risk management talent always emerges as the ultimate winners.
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