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.