News 
Coin Information 
About us 
In the face of a turbulent crypto market last year, major players like Binance, Coinbase, and Kraken faced challenging times, leading to significant workforce reductions. The downturn in cryptocurrency value in 2022 forced these companies to make tough decisions, resulting in large-scale layoffs.
Binance let go of over a thousand workers after May 31, while Coinbase underwent two stages of staff reductions, amounting to nearly 40% of its workforce, in June 2022 and January 2023. Kraken was not far behind, parting ways with 1,100 employees, approximately a third of its staff, in November.
However, as of March 2023, the tide appears to be turning as layoffs across the crypto industry are slowing down, signaling a positive trend.
Amidst these employment shifts, one cryptocurrency exchange, KuCoin, took a different approach. The company, with a global workforce of around a thousand people, dispelled rumors of an impending 30% staff cut and emphasized that any future adjustments to their workforce would be based on regular performance reviews, not financial struggles.
KuCoin's CEO, Johnny Lyu, addressed concerns about the company's stability on Twitter, highlighting that any potential personnel changes are part of the firm's semi-annual evaluations, crucial for maintaining competitiveness in the dynamic crypto sector. Lyu's response came after an independent journalist's claims of an imminent staff cut at KuCoin, which the journalist later retracted.
Despite the challenging conditions in the crypto market, KuCoin remains steadfast, reporting a steady rise in staff numbers and demonstrating resilience amid a climate of uncertainty.
Comment 0