Binance, a top global crypto exchange, has reportedly laid off over 1,000 employees in recent weeks. The company's CEO, Changpeng Zhao, has responded to the news with a laughing emoji, claiming that the reported number of layoffs is "way off."

However, a source familiar with the matter says that the layoffs could expand to more than one-third of the company's staff. Binance has also faced legal troubles, including a lawsuit from the U.S. Securities and Exchange Commission and accusations of lying to Congress.