Cryptocurrency exchange Binance has reportedly laid off over 1,000 employees, as per a report by the Wall Street Journal. Binance's CEO, Changpeng Zhao (CZ), dismissed the news as FUD (Fear, Uncertainty, and Doubt) and claimed that the reported figures are inaccurate. CZ stated that involuntary layoffs occur in every company and that Binance is still actively recruiting. According to a Binance spokesperson, the decision is not downsizing but rather a reassessment of talent and expertise in critical roles to ensure agility and dynamism, particularly as they prepare for the next bull cycle. Binance currently has around 8,000 employees globally.

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