Crypto Exchange KuCoin denies reports of layoffs but acknowledges the need to ‘adjust some personnel’

Crypto exchange KuCoin confirmed reports that it might reduce some of its staff but denies that is plans to lay off a large portion of its workforce.

KuCoin said that the staff reduction is part of a routine adjustment of personnel.

Earlier on Tuesday, Twitter news account Wu Blockchain tweeted on Tuesday that KuCoin exchange plans to lay off as many as 30% of its employees, attributing the layoff to a decline in profit after the New York State Attorney General Letitia James sued KuCoin in March on allegations that it violated securities laws by offering tokens – including ether.

A spokesperson for KuCoin said that the company has “not initiated any alleged layoff plans” but “as part of the company’s business development and semi-annual employee performance review, there might be some personnel adjustments as needed, which is a normal process in organizational development.”

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