Binance, the world's most popular centralized crypto exchange, has reportedly let go of over 1,000 employees and cut some benefits due to a decline in profits caused by regulatory and market factors. The company may consider scaling back on certain products, business units, staff benefits, and policies in response to business and regulatory concerns. Despite facing charges brought against it by the SEC and an investigation by the U.S. Justice Department, Binance still holds assets worth over $63 billion. Coinfund has raised $158 million for its Seed IV Fund, indicating a resurgence of interest in the industry, although the total volume of venture funding for crypto startups has declined by 76% year-over-year. BlackRock's application for a Bitcoin exchange-traded fund has sparked predictions of a new crypto bull market, with some experts predicting a "speculative blow-off top" in 2024.
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