KuCoin hit by layoffs of 30%, CEO says it's just a regular personnel adjustment

Yesterday, there were rumors in the blockchain industry that the cryptocurrency exchange KuCoin would be laying off 30% of its staff. This was reportedly due to the recent comprehensive compliance strategy and strict KYC measures, leading to a decrease in the exchange's profits. However, KuCoin's CEO Johnny Lyu came forward to debunk the rumors, stating that it was just a normal personnel adjustment.

Yesterday, there was speculation in the blockchain industry that cryptocurrency exchange KuCoin would be laying off 30% of its staff due to recent comprehensive compliance strategies and stricter KYC regulations, leading to a decrease in the exchange's profits. KuCoin CEO Johnny Lyu stepped forward to refute the rumor, stating that it was simply a normal personnel adjustment.

吴说独家获悉，加密货币交易所 KuCoin 库币将裁员近 30%。KuCoin 目前有约 1000 名员工。裁员主要原因是 KuCoin 近期的全面合规战略与 KYC 严格化，导致利润率下降。早先许多地区例如美国、加拿大的 KuCoin 用户遭到清退。

— 吴说区块链 (@wublockchain12) July 25, 2023

CEO Johnny Lyu of KuCoin stated that as part of business development and semi-annual staff performance evaluations, the company may make some personnel adjustments. He believed that this was normal in the development of any organization.

He also mentioned that KuCoin's operations are stable, with strong growth in users and new product listings according to the first half-year report, and the excellent team is steadily expanding.

1/ I'm aware of some rumors floating around about KuCoin. Let me clarify a few points and share a clear picture of how we're doing.

— Johnny_KuCoin (@lyu_johnny) July 25, 2023

According to CoinMarketCap data, KuCoin is ranked fourth in spot trading exchanges, following Binance, Coinbase, and Kraken, with a trading volume of $330 million in the past 24 hours.

Previously, during Binance's sixth anniversary celebration, it was reported that several executives had resigned, leading to a large-scale layoff of employees and a reduction in staff benefits. However, U.S. compliant exchange Coinbase set up a VIP website for recruitment, with CEO Brian Armstrong emphasizing that there were no restrictions on existing positions and claiming to have received data from nearly 300 applicants. Will the crypto winter continue, or have some already seen the dawn and are moving ahead to seize opportunities? Let's continue to watch and see!