KuCoin dispels layoff rumors, CEO cites ‘normal’ personnel adjustments KuCoin dispels layoff rumors, CEO cites ‘normal’ personnel adjustments
KuCoin CEO Johnny Lyu said the firm is focused on being "more dynamic and competitive."
1 min read
Updated: Jul. 25, 2023 at 4:18 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto exchange KuCoin denied “any alleged layoff plan,” according to a July 25 email statement to CryptoSlate.
On July 25, Wu Blockchain, citing three unnamed internal employees, reported that KuCoin planned to lay off 30% of its workforce. Wu attributed the exchange’s plan to a decline in profits because of the strict Know-your-customer (KYC) policy it implemented after being sued by New York’s Attorney General Letitia James.
However, KuCoin’s CEO, Johnny Lyu, told CryptoSlate that the company might have some personnel adjustments as a part of its business development and semi-annual employee performance review. According to him, this is normal in any organizational development.
Lyu reiterated these statement in a tweet, saying:
“We regularly evaluate our org structure based on employee performance and company development. So it is not layoffs, and it is all about making the organization more dynamic and competitive.”
He added:
“KuCoin is actively embracing regulatory requirements and focusing on core business development. We will continue to increase investment in our core business to further enhance service quality and user experience.”
KuCoin is one of the largest crypto exchanges in the industry, with 29 million registered users as of June. The platform saw $345.19 million in trading volume over the past 24 hours, according to CoinMarketCap data.
Meanwhile, Binance, the largest crypto exchange by trading volume, recently reduced employee benefits following a discreet layoff of thousands of its staff.
Mentioned in this article
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Editor Editor 
Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
In this article
KuCoin
KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies that launched in September 2017.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Johnny Lyu is the CEO and one of the co-founders of KuCoin, one of the largest cryptocurrency exchanges launched in 2017.