KuCoin Reported to Layoff 30%, CEO Says It's Regular Structure Adjustment

According to Wu Blockchain, crypto exchange KuCoin will lay off 30% of its workforce. Speaking of the report, KuCoin CEO Johnny said that the company regularly evaluated its structure based on employee performance and company development, and it was not a layoff.

In the report, Wu Blockchain said that the layoff is confirmed by more than three internal employees. The main reason is the strict KYC policy launched after KuCoin was sued by the United States, which led to a decline in the exchange's profits. Currently, KuCoin has nearly 1,000 employees.

In a response on X, Johnny said, "first things first, KuCoin is operating smoothly. Our recent H1 2023 report shows strong growth in users and new listings, and our talented team is expanding steadily. The crypto world changes fast. To stay on top, we regularly evaluate our org structure based on employee performance and company development. So it is not layoffs, and it is all about making the organization more dynamic and competitive."