Crypto exchange KuCoin denied “any alleged layoff plan,” according to a July 25 email statement to CryptoSlate.

On July 25, Wu Blockchain, citing three unnamed internal employees, reported that KuCoin planned to lay off 30% of its workforce. Wu attributed the exchange’s plan to a decline in profits because of the strict Know-your-customer (KYC) policy it implemented after being sued by New York’s Attorney General  Letitia James.

However, KuCoin’s CEO, Johnny Lyu, told CryptoSlate that the company might have some personnel adjustments as a part of its business development and semi-annual employee performance review. According to him, this is normal in any organizational development.

Lyu reiterated these statement in a tweet, saying:

“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.”

He added:

“KuCoin is actively embracing regulatory requirements and focusing on core business development. We will continue to increase investment in our core business to further enhance service quality and user experience.”

KuCoin is one of the largest crypto exchanges in the industry, with 29 million registered users as of June. The platform saw $345.19 million in trading volume over the past 24 hours, according to CoinMarketCap data.

Meanwhile, Binance, the largest crypto exchange by trading volume, recently reduced employee benefits following a discreet layoff of thousands of its staff.

The post KuCoin dispels layoff rumors, CEO cites ‘normal’ personnel adjustments appeared first on CryptoSlate.

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