KuCoin CEO Denies Rumors of Massive Layoffs

The crypto exchange KuCoin denied the rumor that it had joined some competitors in massively trimming staff size amid weakened market conditions. Instead, the CEO Johnny Lyu revealed his company will keep hiring in the coming months.

• In the wake of exchange giants such as Coinbase, CryptoCom, and Bybit imposing a significant cut on headcounts as the bear market has caused a reduction in trading volume, thus affecting exchanges’ primary source of revenue, a new eye-cataching rumor has gone rampant, with KuCoin following a similar path.
• However, the exchange refuted such a claim on Monday, stating that the company is still committed to hiring an additional 300 staff members and clarifying that only poorly-performed employees are asked to leave, according to Wu Blockchain.
• Furthermore, the company repudiated any ties with the Terra ecosystem, saying it had not invested in or held any LUNA/UST-related positions, “nor does it have any UST-like wealth management products.”
• As reported by CryptoPotato two weeks ago, CEO Johnny Lyu dismissed any exposure to LUNA, 3AC, Babel, etc, noting his exchange had no plans to impose restrictions such as withdrawal freezes to users.
• Lyu reassured investors and users on Monday, tweeting, “We believe that talent is the key to remaining competitive in the #crypto space. We will continue to expand and #BUIDL despite the market downtrend.”
• With the current size of 1,000 employees, Lyu plans to increase the workforce by roughly 30% with positions mainly in the departments of technology, compliance, and marketing.
• As indicated in its semi-annual report, the exchange – valued at $10 billion after raising $150 million in May – did not show a slowdown in its impressive growth amid market pullbacks, achieving a cumulative trading volume for spot and futures above the $2 trillion milestones.
• This represents a 180% growth YoY when its rivalries commonly witnessed a sheer drop in trading volume during the same period.