KuCoin to Lay Off 30% of Workforce, Confirmed by Multiple Internal Sources
On Tuesday, Twitter was abuzz with reports suggesting that the exchange intends to cut 30% of its workforce due to declining profits.
Because Bitcoin
July 25, 2023
CoinDesk reported that on Tuesday, KuCoin, a crypto exchange, mentioned the possibility of reducing some of its staff as part of a routine personnel adjustment, but firmly denied any plans to lay off a significant portion of its workforce. The exchange's decision comes amid allegations of violating securities laws after being sued by the New York State Attorney General Letitia James in March for offering tokens, including ether.
Twitter news account Wu Blockchain cited three anonymous internal sources, stating that KuCoin might lay off up to 30% of its employees due to a decline in profits caused by mandatory identity checks on customers, which impacted their revenues.
Source: Twitter
However, in response to the reports, a spokesperson for KuCoin asserted that the company had not initiated any layoff plans. The spokesperson clarified that the potential personnel adjustments are part of their regular business development and semi-annual employee performance review, which is a standard process in organizational development.
Meanwhile, KuCoin's competitor, Binance, has also been reported to be downsizing its workforce in recent weeks. Binance denied the accuracy of the reported numbers, stating that the adjustments were part of their efforts to assess the right talent and expertise in critical roles within the company.
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