KuCoin Dispels Layoff Rumors, CEO Cites ‘Normal’ Staff Adjustments

Cryptocurrency exchange KuCoin denied “any alleged layoff plans,” according to a July 25 emailed statement to CryptoSlate.

On July 25, Wu Blockchain, citing three unidentified internal employees, reported that KuCoin planned to lay off 30% of its workforce. Wu attributed the swap plan to a decline in profits due to the strict Know Your Customer (KYC) policy he implemented after being defendant by New York Attorney General Letitia James.

However, KuCoin CEO Johnny Lyu said CryptoSlate that the company may have some personnel adjustments as part of its business development and semi-annual employee performance review. According to him, this is normal in any organizational development.

Lyu reiterated these statements in a tweet, saying:

“We periodically evaluate our organizational structure based on employee performance and the development of the company. So it’s not about layoffs, and it’s about making the organization more dynamic and competitive.”


“KuCoin is actively adopting regulatory requirements and focusing on core business development. We will continue to increase investment in our core business to further improve the quality of service and user experience.”

KuCoin is one of the largest crypto exchanges in the industry, with 29 million Registered users starting in June. The platform recorded a trading volume of $345.19 million in the last 24 hours, according to CoinMarketCap. data.

Meanwhile, Binance, the largest crypto exchange by trading volume, recently reduced benefits for employees after a discreet dismissal of thousands of its employees.

The charge KuCoin Dispels Layoff Rumors, CEO Cites ‘Normal’ Staff Adjustments first appeared in CryptoSlate.

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