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Binance CEO Confirms Layoffs, Denies Media Reports of Over 1,000 Employees Being Let Go

Binance CEO Changpeng Zhao has confirmed that the exchange is laying off staff, but denies that the numbers reported in the media are accurate. In a tweet, Zhao stated that involuntary terminations are a common occurrence in every company.

The Wall Street Journal reported that Binance was laying off over 1,000 employees, which could amount to one-third of its workforce. Despite this, Zhao claims that Binance is still hiring and celebrated the exchange's six-year anniversary on Friday.

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