Cryptocurrency alternate KuCoin has shut down rumors suggesting it was making ready to put off 30% of its workforce — a determine that quantities to roughly 300 employees — within the coming weeks.
“We need to make clear that KuCoin has not initiated any alleged layoff plans,” a KuCoin spokesperson informed Cointelegraph, including that that any potential cuts are a part of a broader plan to increase on the agency’s enterprise improvement:
“As a part of the corporate’s enterprise improvement and semi-annual worker efficiency evaluate, there may be some personnel changes as wanted, which is a traditional course of in organizational improvement.”
Addressing the layoff rumors, Kucoin CEO Johnny Lyu stated in a July 25 tweet that the crypto alternate continues to be working easily. Lyu defined that any potential employees cuts could be a part of a semi-annual worker efficiency analysis, which he stated is a part of remaining “aggressive and dynamic” within the fast-paced crypto sector.
2/ First issues first, KuCoin is working easily. Our current H1 2023 report reveals sturdy progress in customers and new listings, and our gifted workforce is increasing steadily.
— Johnny_KuCoin (@lyu_johnny) July 25, 2023
The clarification from KuCoin seemed to be in response to a July 25 submit by impartial journalist Wu Blockchain, which claimed that KuCoin would quickly lay off 30% of its workforce resulting from a strict KYC coverage in the USA resulting in a decline within the alternate’s earnings.
Nonetheless, Wu Blockchain later backtracked on the claims after Lyu confirmed the employees cuts have been a part of a traditional efficiency appraisal.
KuCoin responded that it’s a regular efficiency appraisal. KuCoin is actively embracing compliance and specializing in core enterprise improvement.
— Wu Blockchain (@WuBlockchain) July 25, 2023
KuCoin didn’t make clear the share of employees that will be lower and which positions could be most impacted.
In accordance with KuCoin, the corporate at present employs round 1,000 employees worldwide, a determine Lyu claims is “steadily” growing.
Associated: KuCoin crypto alternate to introduce obligatory KYC in July
The decline in crypto asset costs all through 2022 compelled lots of the business’s heavyweights in Binance, Coinbase and Kraken to considerably scale back head counts considerably.
Binance has reportedly laid off over 1000 workers since Could 31 this 12 months, whereas Coinbase laid off 18% and then one other 20% of its employees in June 2022 and in January 20 respectively. In November, Kraken launched 1,100 workers, which amounted to roughly 30% of its workforce on the time.
Nonetheless, current information from March 2023, suggests the speed of layoffs all through the crypto business could now be decelerating.
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