Cryptocurrency Johnny Lyu, CEO of KuCoin exchange, denied massive layoffs rumors, saying he plans to hire more than 300 employees in the coming months, speaking via Telegram on Monday.
“KuCoin Has Not Made Layoffs And Does Not Plan To Do It”
Lyu said in his statement:
“KuCoin has not reduced staff and is not making any such plans. We are one of the few crypto platforms that continues to grow, relying on an effective business strategy, focusing on launching new products, and maintaining a healthy atmosphere in our team.”
Lyu added that the company is doing everything it can to “increase employee productivity and motivation,” while also focusing on expanding on innovation and compliance.
Lyu said that the total number of employees of KuCoin has recently exceeded 1,000, and current plans are to recruit 300 more. This includes positions on technology, compliance and marketing teams.
The CEO of the cryptocurrency exchange continued:
“We believe that investing in growth during market turbulent times was the only right decision that helped us maintain our high bar. Speeches claiming the opposite should be considered baseless.”
The market downturn has forced many crypto companies and exchanges to lay off staff.
To mention three exchanges that have made such a move, Coinbase laid off about 1,100 employees in June, Banxa laid off 70 and Huobi plans to lay off 30% of its staff.
*Not investment advice.