Cryptocurrency exchange KuCoin has shut down rumors suggesting it was preparing to lay off 30% of its workforce — a figure that amounts to approximately 300 staff — in the coming weeks.

“We want to clarify that KuCoin has not initiated any alleged layoff plans,” a KuCoin spokesperson told Cointelegraph, adding that that any potential cuts are part of a broader plan to expand on the firm’s business development:

“As part of the company’s business development and semi-annual employee performance review, there might be some personnel adjustments as needed, which is a normal process in organizational development.”

Addressing the layoff rumors, Kucoin CEO Johnny Lyu said in a July 25 tweet that the crypto exchange is still operating smoothly. Lyu explained that any potential staff cuts would be part of a semi-annual employee performance evaluation, which he said is part of remaining “competitive and dynamic” in the fast-paced crypto sector.

2/ First things first, KuCoin is operating smoothly. Our recent H1 2023 report shows strong growth in users and new listings, and our talented team is expanding steadily.

— Johnny_KuCoin (@lyu_johnny) July 25, 2023

The clarification from KuCoin appeared to be in response to a July 25 post by independent journalist Wu Blockchain, which claimed that KuCoin would soon lay off 30% of its workforce due to a strict KYC policy in the United States leading to a decline in the exchange’s profits.

However, Wu Blockchain later backtracked on the claims after Lyu confirmed the staff cuts were part of a normal performance appraisal.

KuCoin responded that it is a normal performance appraisal. KuCoin is actively embracing compliance and focusing on core business development.

— Wu Blockchain (@WuBlockchain) July 25, 2023

KuCoin didn’t clarify the percentage of staff that would be cut and which positions would be most

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Author: Brayden Lindrea

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