Binance, a prominent cryptocurrency exchange, has recently faced allegations of significant layoffs affecting over 1,000 employees.

However, CEO Changpeng Zhao, widely known as CZ, has dismissed these reports as FUD (Fear, Uncertainty, and Doubt) and clarified that the figures mentioned do not reflect the truth.

According to the Wall Street Journal (WSJ), Binance supposedly laid off more than 1,000 employees. CZ responded to the claims, describing the news as FUD and asserting that the reported figures are inaccurate.

He acknowledged that like any growing company, there may be involuntary layoffs as part of efforts to enhance talent concentration. CZ further emphasized that Binance remains an active recruiter, signaling ongoing expansion plans.

A Binance spokesperson, in response to the WSJ’s claims, clarified that the company is prioritizing talent concentration across the organization.

They highlighted the importance of ensuring agility and dynamism as they prepare for the next significant bull cycle in the cryptocurrency market.

The statement clarified that this reassessment is not a downsizing strategy but rather an evaluation of talent and expertise in critical roles.

Binance currently employs approximately 8,000 individuals worldwide, illustrating the exchange’s significant presence in the cryptocurrency industry.

Despite the alleged layoffs, the company continues to operate on a global scale, maintaining its commitment to provide top-notch services to users.