The decentralized cryptocurrency exchange has come forward to deny the widespread rumor that they had joined the growing list of crypto firms that were downsizing to cope with the ruthless market conditions.

The rumors were founded based on some of its employees being asked to leave. CEO Johnny Lew came forward to deny all the rumors stating that in fact, the opposite was the case as Kucoin was looking to recruit more workers even in the severity of the current market conditions.

Giant exchanges like Coinbase, crypto. com and Bybit have all taken massive hits in the ongoing crypto winter which has led to massive downsizing because of the bear market’s general reduction of the trading volume.

This trading volume reduction has affected their primary source of income and also fuelled the rumor of the Kucoin massive lay-off. Kucoin denied these rumors on Monday 13th August 2022, stating that they are looking to hire about 300 additional staff to up their headcount.

They also said that any employees who have been asked to leave recently have been massively underperforming hence the let-go.

In addition, the company denied any involvement with the notorious Terra Luna ecosystem responsible for the heavy market downtrend as they strongly reiterated that they have no investments or strategies that include any positions on or products related to LUNA/UST.

They also distanced themselves from any relationship with ailing crypto firms like Babel, Three Arrows Capital (3AC), and Luna while encouraging customers that they have no plan of imposing any economic restrictions on their platform such as any withdrawal freezes like what Celsius’ network had to do to stay solvent.

CEO, Lew assured their platform users in a tweet on Monday that Kucoin will continue to expand even in the current market conditions.

Featured image source: cryptopotato.com