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Kucoin Massive Layoff

- Exchanges Amid Turmoil: Recent Challenges and Turbulent Times

- Layoff Rumors Announced by Wu Blockchain

- Performance Reviews and Core Business Practices





Exchanges Amid Turmoil: Recent Challenges and Turbulent Times

Over the past two years, employees at crypto trading platforms have faced challenging times, dealing with lawsuits from regulatory bodies, declining profits, and tough market conditions. Even major players like Binance, Kraken, and Coinbase had to resort to significant layoffs, affecting thousands of employees. Coinbase, in particular, experienced the largest layoff spree, cutting 18% of its workforce last year and later letting go of an additional 20% of its remaining employees.


Layoff Rumors Announced by Wu Blockchain

Prominent crypto journalist Wu Blockchain reveals that KuCoin is also facing mass layoffs. Unnamed employees claim that over 30% of the exchange's staff will be terminated.



The CEO of KuCoin promptly intervened to address the news, refuting any claims of impending mass layoffs.


Performance Reviews and Core Business Practices

Johnny Lyu, the CEO of KuCoin, reassured that the exchange is in good shape and steadily expanding, contradicting the claims made by internal employees who contacted Wu.

Lyu's response did not deny the possibility of some employees being cut as part of an upcoming performance review to ensure KuCoin's competitiveness. He emphasized the evaluation is for organizational dynamism and competition, not layoffs. However, without specifying the number affected, doubts remain. The New York attorney general's lawsuit and efforts to strengthen KYC procedures for U.S. compliance complicate the situation. Time will reveal the true impact on KuCoin's workforce and its overall status in the crypto industry.


Reference

Lyanchev, J. (2023) Kucoin CEO sheds light on allegations of mass layoffs, CryptoPotato. Available at: https://cryptopotato.com/kucoin-ceo-sheds-light-on-allegations-of-mass-layoffs/ (Accessed: 30 July 2023).





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