Cryptocurrency exchanges are facing difficult times, especially due to increased regulatory pressure from the United States. The collapse of the FTX cryptocurrency exchange and the discovery that it had used user funds can be seen as the first blow. Following this, many exchanges opted for a proof of reserves method, and some suspicions remain. Increased scrutiny and investigations have put specific exchanges under more scrutiny, and KuCoin is one of them.
KuCoin CEO Addresses the Allegations
Another reason why KuCoin stands out is the significant layoffs it recently carried out. According to reports, KuCoin laid off a large number of employees, and it was alleged that this was due to financial difficulties. Some accounts began spreading rumors of possible bankruptcy within the industry. KuCoin CEO Johnny responded to all the allegations.
Johnny implied that he would address all the allegations regarding this matter. Emphasizing that KuCoin continues on its smooth path, the CEO highlighted that the first-quarter report for 2023 indicates significant user and listing growth.
The CEO stated that the cryptocurrency world changes rapidly and evaluations are made to stay at the top. He mentioned that employee performance and company development are a few of these evaluations. The CEO emphasized that these were steps taken to make the organization more dynamic, not mass layoffs.
Layoffs Are Not Mass Layoffs
Johnny stated that their determination does not end here, and they will continue to invest more and serve their users. The CEO mentioned that employee evaluations are conducted every half year and that this is a normal process.
Following these statements, the price of KuCoin’s native cryptocurrency KCS increased by 2%. Currently, KCS is the 76th largest cryptocurrency with a massive market value of $567 million. The 24-hour trading volume is relatively low, at around $2 million.
The 24-hour trading volume of the KuCoin cryptocurrency exchange is over $336 million. It is reported that the exchange has a total of 1,366 trading pairs and lists 775 coins. This indicates that KuCoin is in a significant position.
