KuCoin Denies Layoff Rumors, Cites Ongoing Business Development

Cryptocurrency exchange KuCoin has refuted recent rumors surrounding potential layoffs, asserting that the company is not preparing to cut 30% of its workforce, contrary to speculations.

In response to these claims, a spokesperson from KuCoin affirmed that the exchange has not initiated any plans for layoffs and explained that any personnel adjustments, if needed, would be carried out as part of their broader business development strategy and semi-annual employee performance review.

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

KuCoin CEO, Johnny Lyu, echoed the sentiment on his Twitter account on July 25. He assured the crypto community that the exchange continues to operate smoothly and emphasized that any potential staff reductions would be linked to regular semi-annual employee performance evaluations. Lyu stated that this process is essential for the company to remain competitive and dynamic in the rapidly evolving cryptocurrency sector.

The confusion seems to have originated from an unverified post by independent journalist Wu Blockchain on July 25. The post claimed that KuCoin was preparing to lay off 30% of its workforce due to strict Know Your Customer (KYC) policies in the United States, resulting in a decline in the exchange’s profits. However, KuCoin swiftly addressed the inaccuracies, and Wu Blockchain later revised the statement after CEO Johnny Lyu confirmed that the potential staff cuts were part of a normal performance appraisal process.

Despite the clarification, KuCoin did not specify the exact percentage of staff that could be affected by the performance review process, nor did they outline which positions would be most impacted.

Currently, KuCoin boasts a global workforce of approximately 1,000 employees, a number that, according to CEO Johnny Lyu, is steadily increasing. The company remains committed to maintaining its operations and ensuring a strong foothold in the highly competitive cryptocurrency market.

As the cryptocurrency landscape continues to evolve, KuCoin’s proactive approach to business development and employee performance evaluation demonstrates its commitment to adapting to the industry’s challenges and opportunities.

Source: Cointelegraph

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