KuCoin reduces 30% workforce: Report

Reportedly KuCoin crypto exchange reduced 30% of its workforce strength but the exchange team dismissed such reports.

KuCoin is a popular crypto exchange. This exchange was officially launched in 2017 & added fiat deposit services in 2018. In the present time, the exchange is standing at the first rank in terms of 24-hour global crypto trade volume. 

Recently few reports claimed that the KuCoin exchange reduced 30% staff from the company and also claimed that more layoff is possible shortly.

Binance-owned crypto news platform Cointelegraph reported that layoff by KuCoin reports are right but there is a catch. In an interview with Cointelegraph, the KuCoin spokesperson said that the exchange reduced only a very small number of employees, as a part of general 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,” a KuCoin spokesperson said.

In response to KuCoin layoff news, some of the crypto Twitter users claimed that KuCoin’s financial position is not good and some people compared the situation of the exchange with defunct crypto companies. 

In response to such stupid speculations, the KuCoin CEO Johnny Lyu responded on Twitter and confirmed that KuCoin is standing strongly healthy in terms of financial position and also exchange is hiring talents to expand the KuCoin team.

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

Furthermore, the CEO said that the crypto sector is moving fastly over other sectors and to fight against the big competition any crypto company must figure out the employee’s strengths & talents, to give a better boost to the development of the company.

Earlier this a similar kind of news surfaced this month against Binance exchange. At the time, Binance CEO Changpeng Zhao (CZ) passed similar kinds of statements and confirmed that the Binance exchange is still hiring new talents for the company.

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