KuCoin: Strong and Steady Amid Crypto Market Volatility
In response to swirling rumors about a potential layoff of 30% of KuCoin’s staff, CEO Johnny Lyu has unequivocally denied these claims.
Rebutting the Layoff Rumors
Lyu took to Twitter on July 25 to address the rumors, which originated from Chinese journalist Wu Blockchain. Lyu assured the public that KuCoin is continuing to operate smoothly despite market uncertainties.
Routine Performance Evaluations, Not Layoffs
Contrary to the circulating rumors, Lyu explained that any potential staff adjustments would be part of the semi-annual employee performance evaluation – a standard practice aimed at maintaining the firm’s competitiveness in the fast-paced crypto industry.
Wu Blockchain’s Claims and Subsequent Retraction
Prior to Lyu’s statement, Wu Blockchain claimed that KuCoin intended to cut 30% of its nearly 1,000 employees due to the impact of a stricter know-your-customer (KYC) policy on the firm’s profits. However, Wu later retracted his statement, acknowledging Lyu’s explanation about performance appraisals.
KuCoin’s Future Amid Legal Challenges
KuCoin’s latest policy changes came after facing legal challenges, including a lawsuit from New York Attorney General Letitia James. Regardless, KuCoin has not disclosed the extent to which staff will be affected by their routine evaluations, leaving the future somewhat uncertain.
KuCoin’s User Base and Trust Score
KuCoin currently employs around 1,000 individuals globally and maintains its position as the 11th most trusted platform, as ranked by CoinGecko, with a trading volume of $327 million in the last 24 hours.
Following the Trend in Crypto Space
KuCoin’s announcement comes amidst a series of cost-cutting measures by other major cryptocurrency exchanges due to the decline in crypto asset prices throughout 2022.
Despite Industry Challenges, KuCoin Remains Committed
CEO Lyu insists that, despite the tumultuous industry landscape, KuCoin remains dedicated to its users and will continue to invest in its core businesses to deliver an outstanding user experience. “KuCoin is operating smoothly,” Lyu reassured the community. “We’ll keep investing in our core businesses and providing our users with the top-notch experience we promised.”
