KuCoin Denies Layoff Rumors, Says It's Hiring 300

Cryptocurrency exchange KuCoin pushed back against rumors of massive layoffs, saying it actually intends to hire more than 300 employees 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 in innovation and compliance.

The total number of KuCoin's employees recently topped 1,000, and current plans imply hiring 300 more, Lyu said. That includes positions in its 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 market downturn has prompted many crypto companies and exchanges to lay off staff. To name three exchanges, Coinbase let about 1,100 workers go in June, Banxa laid off 70 employees, and Huobi is planning to lay off as much as 30% of its staff.