KuCoin lays off 30% staff

     Kucoin is a big player in the crypto world, but it seems that its market is starting to collapse, due to which it has had to cut 30% of its staff.

CEO Johnny describes layoffs as evaluations

     KuCoin CEO Johnny Lyu has denied the layoff and described it as a regular evaluation based on employee performance and company growth. As such, Johnny has not explicitly ruled out layoffs but has linked the fired employees to not being a good fit for the company.

Kucoin benefits, but not employees.

     Kucoin CEO Johnny has claimed that Kucoin made a profit in the H1 2023 report, but he didn't clarify any new hiring for the replacement of recently made retrenchments. It seems that KuCoin is not yet able to meet the full expenses of its employees.

Layoff is Effect of KYC?

     Many customers have left KuCoin since KYC was made mandatory on July 15, and very few are still there (like me, as I have some assets in KuCoin Earn). Although KuCoin mandated KYC due to the situation it faced in the US, its global customers fell prey to it, and the results are showing up.

Brought to you by Yugocean, originally posted here.