Lyu reassured that KuCoin doesn't plan to reduce its staff "and does not plan to do so" in the upcoming future.
KuCoin, a Seychelles-based global crypto exchange founded in 2017, has recently dismissed all of the rumors that it would be cutting a significant portion of its employees.
According to the official 2022 H1 report, the firm will be hiring more than 300 employees in the upcoming months to fill up technology, compliance, marketing, R&D, and business development positions.
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Johnny Lyu, the CEO of KuCoin, has noted that the crypto exchange, serving over 10 million users, has always followed an “effective business strategy” that allowed the firm to remain on top of the crypto market. On top of that, the company is even looking to expand despite the current crypto bear market. He added:
“We believe that our bet on growth in times of market turbulence is the only correct decision that helps us maintain a high bar. Any conversations asserting the opposite should be considered untenable.”
It seems as though KuCoin isn’t the only crypto exchange to take such a drastic measure and expand its team amid the crypto market slaughter. For instance, the world’s biggest crypto exchange Binance, and its rival Kraken also noted that they would be hiring 2000 and 500 employees, respectively.
Nonetheless, a number of major crypto-driven organizations have laid off a big chunk of workers, including Coinbase, Huobi Global, Banxa, Gemini, Robinhood, and Crypto.com.
In other news, earlier in June, the Ontario Securities Commission (OSC) penalized KuCoin due to the fact that it wasn’t able to properly comply with securities laws. The crypto exchange was banned from Ontario’s capital markets and will have to pay $1.5M.
In addition, Lyu also denied the rumors that KuCoin would be halting its withdrawals, adding that there was "no 'immense suffer' from any 'coin collapse,' no plan to halt withdrawal, everything on KuCoin is operating well."
