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Customer Support Staff Swamped During Market Swings

Customer support staff swamped during market swings. When did this happen? This happened on 11 October 2022.

Dec 15, 2023107 Shares26.8K Views
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Customer support staff swamped during market swings.When did this happen? This happened on 11 October 2022.

When the market is volatile, businesses may hire a lot more people to keep up with demand spikes, as a result, cryptocurrency exchanges customer support staff swamped during market swings.

Regardless of your role title, nobody at Swyft was above customer assistance, according to Alex Harper, co-founder and CEO of the Australian cryptocurrency exchange SwyftX.

He explained that when markets go chaotic, he, personnel from human resources, and the CFO sometimes have to stay late into the night to support their customer support teams.

Elon Musk quotes posts about Dogecoin, you get seven times daily signups.- Alex Harper

According to Harper, "given that customers need to get queries addressed and comprehend things," SwyftX targets a two-minute response time.

He added that their customer service team now accounts for more than a third of their workforce, enabling them to give support around-the-clock.

Leigh Travers, CEO of Binance Australia, stated to Cointelegraph that Binance's customer care team has "grown" to keep up with customer demand and that investing in their training and growth is a priority considering how new cryptocurrency is for even those working in customer service.

Travers suggested that the company give priority to the customer service teams because they are "the window to the whole Binance platform." This would show how important their jobs are to the success of the company.

Team leaders and country managers participate in a user centric training program to understand the role of customer support and protect users and receive first hand customer experiences.- Travers

The UST "unwind" and other unpredictably occurring events in the cryptocurrency market, according to Travers, have caused a sharp "spike" in demand for customer assistance. Travers stressed the need for the customer support team to be prepared for a sudden surge in customer enquiries.

In order to better understand how the Binance chat support operates behind the scenes, Travers claimed he has also "responded to user inquiries" directly. He added that this is an essential step in ensuring that customer care can keep up with demand.

According to Travers, when markets settle, customer service representatives take advantage of the slow period to create "explanatory blogs and FAQs to give people better, easily accessible information" during the "quieter time."


Customer support staff swamped during market swings. But customers "expect to be onboarded promptly and efficiently regardless of the market conditions, including whether it's a bull or bear market." This makes the onboarding procedure the most difficult for customer support staff.

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