Crypto exchange KuCoin denies massive layoffs

While a report reports a significant cut in the staff from KuCointhe CEO of the crypto-bourse disputes l’informationstating that the company only makes adjustments.

On Tuesday, Chinese crypto journalist Colin Hu reported that KuCoin was preparing to lay off nearly one third of its staffciting sources close to the case.

“The main reason is that the strict KYC policy was launched after the stock exchange was sued in the U.S., which led to a decline in revenues “he added.

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Following the release of the news, the boss of KuCoin is rapidly income in a series of tweets.

I’m aware of some rumors circulating about KuCoin […] The crypto world is changing rapidly. To stay on top, we regularly evaluate our organizational structure based on employee performance and business development,” said Johnny Lyu, clarifying that it wasn’t about layoffs but rather “making the organization more dynamic and competitive”.

KuCoin, which ranks among the world’s top 20 crypto-exchanges in terms of volume, is said to now have nearly 1,000 employees. The offshore platform (Seychelles) raised $150 million in Series B last year.

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Earlier this month, the Wall Street Journal reported that its rival Binance had carried out a major wave of redundancies. The number 1 in crypto-trading also remained rather evasive on the subject. “It’s not about resizing, but rather reassessing whether we have the right talent and expertise in critical roles,” a company spokesperson indicated.

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