KuCoin denies plans for mass layoffs

The cryptocurrency exchange KuCoin denied reports that it planned to lay off 30% of its total workforce, amounting to about 1,000 employees.

The cryptocurrency world is changing rapidly. To stay on top, we regularly reassess our organizational structure based on employee performance and the development of the company. So it’s not about layoffs, but about making the organization more dynamic and competitive,” said KuCoin CEO Johnny Lyu.

According to him, the platform is operating smoothly, reporting growth in the first half of the year, and the team is steadily expanding.

Lyu’s comments followed journalist Colin Wu’s report of planned mass layoffs at the company. He said KuCoin’s revenues were falling due to the tightening of KYC procedures.

“As part of business development and assessing employee effectiveness over the half-year, if necessary there may be certain personnel adjustments, which is a normal process in organizational development,” said a exchange spokesperson in response to Cointelegraph’s inquiry.

He did not specify what percentage of staff might be affected by potential layoffs or which departments would be affected most.

Earlier in June Wu said about the reduction of 20% of staff at the Bitcoin exchange Binance. The company also cited personnel optimization.