Cryptocurrency change KuCoin has shut down rumors suggesting it was getting ready to put off 30% of its workforce — a determine that quantities to roughly 300 employees — within the coming weeks.
“We wish to make clear that KuCoin has not initiated any alleged layoff plans,” a KuCoin spokesperson informed Cointelegraph, including that that any potential cuts are part of a broader plan to increase on the agency’s enterprise growth:
“As part of the corporate’s enterprise growth and semi-annual worker efficiency evaluate, there could be some personnel changes as wanted, which is a normal course of in organizational growth.”
Addressing the layoff rumors, Kucoin CEO Johnny Lyu said in a July 25 tweet that the crypto change continues to be working easily. Lyu defined that any potential employees cuts can be part of a semi-annual worker efficiency analysis, which he mentioned is part of remaining “aggressive and dynamic” within the fast-paced crypto sector.
2/ First issues first, KuCoin is working easily. Our latest H1 2023 report reveals robust progress in customers and new listings, and our proficient workforce is increasing steadily.
— Johnny_KuCoin (@lyu_johnny) July 25, 2023
The clarification from KuCoin gave the impression to be in response to a July 25 post by impartial journalist Wu Blockchain that claimed that KuCoin would quickly lay off 30% of its workforce on account of a strict Know Your Buyer coverage in the US, which had led to a decline within the change’s earnings.
Nonetheless, Wu Blockchain later backtracked on the claims after Lyu confirmed the employees cuts had been part of a normal efficiency appraisal.
KuCoin responded that it’s a normal efficiency appraisal. KuCoin is actively embracing compliance and specializing in core enterprise growth.
— Wu Blockchain (@WuBlockchain) July 25, 2023
KuCoin didn’t make clear the share of employees that might be lower and which positions can be most impacted.
In response to KuCoin, the corporate at present employs round 1,000 employees worldwide, a determine Lyu claims is steadily growing.
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The decline in crypto asset costs all through 2022 pressured many of the trade’s heavyweights in Binance, Coinbase and Kraken to considerably cut back headcounts considerably.
Binance has reportedly laid off over 1000 employees since Might 31 this 12 months, whereas Coinbase laid off 18% and then another 20% of its employees in June 2022 and in January 20, respectively. In November, Kraken released 1,100 employees, which amounted to roughly 30% of its workforce on the time.
Nonetheless, latest knowledge from March 2023, suggests the speed of layoffs all through the crypto trade may now be decelerating.
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Cointelegraph by Brayden Lindrea KuCoin denies mass layoffs, says cuts are part of normal operations cointelegraph.com 2023-07-26 01:20:20
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