- KuCoin commented on the information about the preparation of a plan to lay off about 300 employees. These data were denied.
- CEO of the exchange said that the platform remains solvent and continues to operate normally. And any possible personnel changes in the organization were explained by “optimization.”
Cryptocurrency exchange KuCoin has denied that 30% of its staff has been laid off, Cointelegraph reported. CEO Johnny Liu said the platform is up and running and fully solvent:
“First of all let me clarify, KuCoin is up and running normally. Our report for the first six months of 2023 shows user growth and an increase in the number of supported assets.”
The CEO attributed possible layoffs in the future to a desire to make the team “dynamic and competitive”. He did not give the exact number of employees who may be targeted for layoffs.
On Tuesday, July 25, reporter Colin Wu, citing his sources, said KuCoin plans to lay off up to 30 percent of its staff. The main reason for such harsh measures, he said, is the drop in profits dictated by the implementation of KYC verification.
This is not the first wave of layoffs at cryptocurrency exchanges in recent times. Recall, earlier it was reported that Binance also intends to lay off some employees in order to optimize costs.
The same reason the exchange deprived the staff of bonuses. The company has faced pressure from regulators around the world and has also recorded a drop in economic performance through the first six months of 2023.
The company has been under pressure from regulators around the world and has also recorded a drop in economic performance through the first six months of 2023.