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KuCoin Denies Layoff Rumors, Says It's Hiring 300 Staff

Shaurya Malwa - CoinDesk
2022-07-11 12:25

Cryptocurrency exchange KuCoin pushed back against rumors of massive lay-offs, saying it actually intends to hire over 300 staff over the coming months, CEO Johnny Lyu told CoinDesk via Telegram on Monday.

“KuCoin has not reduced staff and does not plan to do so,” Lyu said. “We are one of the few crypto platforms that continue to grow by relying on an effective business strategy, focusing on releasing new products, and maintaining a healthy atmosphere in our team.”

Lyu added the company was doing everything it could to “increase the productivity and motivation of employees,” while also focusing on expanding the team in innovation and compliance areas.

The total number of KuCoin's employees recently topped 1,000, and current plans imply hiring 300 more, Lyu said. This includes positions across technology, compliance and marketing teams.

“We believe that our bet on growth in times of market turbulence is the only correct decision that helps us maintain a high bar," Lyu added. "Any conversations asserting the opposite should be considered untenable."

The recent market downturn has forced many crypto companies and exchanges to lay off staff. To name a few, Coinbase let about 1,100 workers go in June, and Banxa cut 70 employees, and Huobi is planning to layoff as much as 30% of its staff.

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