A focus on intense, relentless work ethic might be the catalyst for the emerging discontent at Binance, according to the crypto exchange’s spokesperson. However, industry headhunters suggest taking these findings with caution.

Crypto exchanges Binance, Coinbase, and Gemini find themselves in a less than desirable spotlight as some of the workplaces with the most discontented employees, as inferred from Glassdoor data. However, some critics argue that these findings might not reflect the entire story.

Data accumulated from the job review site Glassdoor, compiled by tech recruitment agency TrueUp in a quadrant graph, demonstrates the correlation between employee satisfaction and growth in crypto firms. The chart includes 27 top-ranking crypto companies.

The graph positions the now-defunct crypto lender Celsius, Gemini crypto exchange, and Amber Group crypto trading firm as having the least satisfied employees, based on 80, 139, and 42 reviews, respectively. Both Binance and Coinbase feature on the less satisfied side of the graph, indicated by their total Glassdoor reviews count of 1,257.

Though Glassdoor lacks a definitive “happiness” measure, it evaluates aspects like the reviewer’s willingness to recommend the company to a friend, their approval of their CEO, and their overall outlook on the company’s future.

Binance, in its defense, pointed to its “hardcore” ethos, with a spokesperson mentioning that they seek candidates who are capable of excelling in a high-performance setting and are unwaveringly committed to user satisfaction. The spokesperson added that those not cut out for this rigorous environment might contribute to some of the negative reviews.

The representative maintained that such critiques help them address issues and they’re always striving to enhance their employee experience.

Queries for comments from Coinbase, Moonpay, Bitpanda, and 21Shares remained unanswered at the time of reporting. Gemini chose to refrain from commenting.

A critique of Glassdoor reviews is the user-submitted and self-reported nature of the data, raising questions of reliability. Allegations of review manipulation or fabrication led to doubts about the legitimacy of Glassdoor data in 2017. Glassdoor, in response, clarified that each review undergoes a “moderation process” before publication.

Neil Dundon, the founder of CryptoRecruit, commented that while the Glassdoor data might be speculative, employees involved in “building infrastructure” seemed more content than those working at exchanges. The figures likely reflect the impact of large staff cuts at top-tier firms, he suggested.

Despite the gloomy insights, the TrueUp chart highlighted that Ava Labs, Blockchain.com, and Fireblocks host some of the industry’s “happiest” workers.

The Glassdoor data also revealed that Alex Mashinsky, the erstwhile CEO of Celsius, was among the least favored CEOs in the industry, with only a 27% approval rate. The approval ratings for Binance and Coinbase CEOs Changpeng “CZ” Zhao and Brian Armstrong stand at 65% and 69%, respectively, both below the tech CEO average.

In light of this data, it’s crucial for job seekers to conduct thorough research and gauge the company culture before joining any organization. Positive work environments can foster growth, boost morale, and improve job satisfaction. Conversely, a negative environment can impact employees’ mental health, productivity, and overall job satisfaction. Thus, organizations should strive to build a culture that values employees and supports their overall well-being.