KuCoin Denies Layoff Allegations, Instead It’s Hiring 300 Staff

  • With the recent revelation, KuCoin is treading the same path as Binance. The biggest cryptocurrency exchange hasn’t reportedly succumbed to the harsh implications of the crypto winter.

Sequel to the ongoing speculations that KuCoin is moving to lay off its employees, the popular crypto trading platform has now denied such a move.  In a statement credited to the CEO of KuCoin, Johnny Lyu, he made it known that the organization isn’t planning to lay off a part of its staff. 

KuCoin is Ready for the Crypto Winter

Lyu said the cryptocurrency exchange is, instead moving to recruit additional 300 workers. He further that KuCoin is one of few organizations that have refused to submit to the harsh complications of the market situation. The CEO disclosed that the firm’s strategic approach has helped it maintain its usual standard despite the storm.

Additionally, Lyu made it known that KuCoin is making substantial efforts to unveil new features. According to him, the organization aims to retain a good working environment for its staff. Furthermore, Lyu divulged that the firm is working to enhance productivity and efficiency within its internal workforce. He confirmed KuCoin’s commitment to motivating its staff while expanding the company’s horizon. 

The organization is focused on improving the workforce in terms of innovation and compliance, Lyu added. According to him, the KuCoin workforce currently has a capacity of 1,000 workers. This figure, as boasted by Lyu spreads across notable areas like marketing, compliance, and technology embracement.

 Notably, the CEO wants the general public to disregard any information reflecting a potential layoff by Kucoin. In his words, he illuminated that the firm’s resolve in fostering development amid the prevailing market downturn has been phenomenal. Lyu acknowledged that the decision has helped KuCoin to retain an unequivocal standard.

Side Notes

Worth noting, that the cryptocurrency winter has imbibed a kind of harsh market situation on related firms. Remarkably, Cryptocurrency exchanges have felt more of the negative impact of this situation. This development has forced numerous exchanges into reducing their respective workforce. 

Last June, Coinbase submitted to pressure and let go of up to 1,100 of its employees. Also, Banxa fired about 70 of its workers, while Houbi is intending to fire about 30% of its employees. Other notable platforms to lay off a part of its staff include Gemini, Bybit, Crypto.com, Buenbit, Bitso, and BlockFi. Reports indicateJune, that crypto exchanges laid off about 1,700 of their staff. Reportedly, more platforms tend to follow the ill trend.

The situation has been so severe that even the leading cryptocurrency exchange in Spain has been affected. As reported, 2gether, the first cryptocurrency exchange in Spain has halted trading activities on its platform. In reaction to the market situation, the platform imposed the payment of a mandatory management fee of £20 on its users. 2gether, in a mail, indicated that it won’t resume operation until it receives the slated payment. Subsequently, the firm threatens to liquidate any account that doesn’t have up to the fixed amount. 

Worth noting, that the foregoing further underlines the severe situation occasioned by the prevailing crypto winter. Meanwhile, with the recent revelation, KuCoin is treading the same path as Binance. The biggest cryptocurrency exchange hasn’t succumbed to the harsh implication of the crypto winter. Rather, Binance has commenced recruiting more employees and signing endorsement deals.

Rebecca Davidson Verified

Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”

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