Coinbase Revokes Job Offers After A Hiring Freeze

Coinbase, the world's largest cryptocurrency exchange, suspended payments via unified payments interface (UPI) mode on its app in India in April and declared on Friday that it will continue to do so as long as global macroeconomic circumstances stay unchanged. Some accepted offers from candidates who have yet to join the company were also cancelled by the company.

"After assessing our business priorities, current headcount, and open roles, we have decided to pause hiring for as long as this macro environment requires. Except for roles that are necessary to achieve the high standards we set for security and compliance, or to support other mission-critical activities, " LJ Brock, Chief People Officer at Coinbase, said in a statement.

Two weeks ago, the crypto exchange froze hiring, and it's now clear that "we need to take more strict measures to slow our personnel growth." A number of outstanding offers for employees who have not yet started will be rescinded by the company.

Brock said, "This is not a decision we make lightly, but is necessary to ensure we are only growing in the highest-priority areas. Limited exceptions apply and will be managed by the same criteria as backfills. All incoming hires will be advised of their updated offer status by email."