Cryptocurrency trading platform KuCoin has denied rumors that it plans on laying off 30% of its 1,000-person staff.
CEO Johnny Lyu has stated that the organization is looking to become more dynamic and competitive, and that the platform has been running smoothly with steady growth over the first half of the year.
This response comes after journalist Colin Wu reported on the massive layoffs being made due to tightened KYC procedures.
A representative of the exchange commented that, as part of the business review process for the six months, certain personnel adjustments may be made.
They clarified that this is a normal process in organizational development but declined to specify which departments would be affected or what percentage of the staff would be affected.
This follows a similar report in June from Wu regarding a 20% staff reduction at the Binance bitcoin exchange, which was then attributed to staff optimization.
