Crypto exchange KuCoin has been forced to clarify reports that it plans to lay off more than 300 staff, claiming they are “routine performance appraisals”

Crypto firms, particularly exchanges, have been conducting massive layoffs since 2022, with the bear market pushing companies to cut costs in order to maintain a lean team.

Layoffs Due to New KYC Rules?

Chinese reporter Colin Wu tweeted that KuCoin will let go of 30% of its team members. The exchange currently has a headcount of approximately 1,000 employees. Wu claims they got confirmation from more than three KuCoin employees about the upcoming layoff. 

Initially, the reporter cited that the main reason for the layoff was a recent decline in profits due to stricter know your customer (KYC) rules. From July 15, the exchange enhanced its KYC policies after being sued by US authorities, alleging securities law violations.

However, KuCoin responded to the reporter and explained that the development was a “normal performance appraisal.”  

Star Atlas Undergoes Restructuring, Staff Down 80% From Peak

On Monday, Web3 gaming company Star Atlas’s parent, ATMTA, announced a significant reduction in its headcount. The CEO, Michael Wagner, explained that Star Atlas’s treasury suffered a dent of over $15 million due to the Go to Source to See Full Article
Author: Harsh Notariya

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