CEO of KuCoin Disputes Reports of Massive Layoffs

CEO Johnny Lyu claims KuCoin intends to increase its present employment by 30% rather than lay off employees.
CEO of KuCoin Disputes Reports of Massive Layoffs
CEO of KuCoin Disputes Reports of Massive Layoffs

The rumor that the cryptocurrency exchange KuCoin had joined certain rivals in drastically reducing staff size due to deteriorating market circumstances was refuted. Instead, the company will continue to hire, according to CEO Johnny Lyu.

A fresh eye-catching rumor has taken off, with KuCoin pursuing a similar course, in the wake of exchange behemoths like Coinbase, CryptoCom, and Bybit drastically reducing headcounts due to the bear market’s impact on trading volume and the exchanges’ principal source of income.

The exchange, according to Wu Blockchain, denied such a report on Monday, adding that the firm is still dedicated to employing a further 300 employees and making it clear that only employees who perform poorly are asked to leave.

The business further denied having any connections to the Terra ecosystem, claiming that it had neither held any LUNA/UST-related positions nor invested in any of them nor did it have any wealth management solutions that resembled UST.

CEO Johnny Lyu refuted any connection to LUNA, 3AC, Babel, etc. two weeks ago and said his exchange had no plans to subject users to limitations such as withdrawal freezes.

Lyu tweeted on Monday to reassure users and investors “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.”

Lyu intends to hire more people, mostly in the marketing, compliance, and technology divisions, to boost the present 1,000-person staff by about 30%.

According to the exchange’s semi-annual report, which valued it at $10 billion after raising $150 million in May, it continued to grow rapidly despite market declines, surpassing the $2 trillion barriers in cumulative trading volume for both spot and futures.

When compared to its competitors, which frequently saw a sharp decline in trade volume during the same time period, this implies a 180 percent YoY growth.