Cryptocurrency exchange KuCoin has denied rumors of laying off 30% of its staff, equivalent to around 300 employees. A spokesperson from KuCoin clarified that the exchange has not initiated any layoffs and any potential personnel adjustments are part of the company's normal business development and semi- annual employee performance appraisal. The spokesperson emphasized that these adjustments are a common process in organizational development.
KuCoin CEO Johnny Lyu also addressed the rumors on Twitter, stating that the exchange is operating smoothly and any potential layoffs would be part of a regular performance review to maintain competitiveness and dynamism in the fast-paced crypto industry. The initial rumor of layoffs came from an independent journalist's post claiming a drop in exchange profits due to strict "know your customer" policies in the US.
However, the journalist later retracted the statement after Lyu confirmed that the potential layoffs were related to routine performance reviews. KuCoin did not specify the exact proportion of the layoffs or which positions might be affected. The exchange currently employs approximately 1,000 people worldwide, and Lyu noted that the number is steadily growing. While the cryptocurrency industry experienced layoffs in the past due to market fluctuations, recent data from March 2023 suggests that the rate of layoffs may be slowing down.
