Cryptocurrency exchange KuCoin dismissed claims on Tuesday that the Seychelles-based firm has significant layoffs planned, describing any adjustments to its headcount as a matter of housekeeping.

“We did not initiate any alleged layoff plan,” a spokesperson for KuCoin told Decrypt. “As part of a normal process of organization development, we keep doing biannual appraisals to keep up with the competitive market.”

KuCoin did not deny it’s in the process of pink-slipping some staff, but the exchange’s CEO Johnny Lyu took issue with describing a reevaluation of its headcount as layoffs.

Colin Wu of Wu Blockchain reported earlier on Twitter that KuCoin plans to cut 30% of its nearly 1,000 employees. Claiming the measure was confirmed by several KuCoin employees, he said the alleged cuts were due to a strict know-your-customer (KYC) policy that cut into the firm’s profits.

Wu said the KYC policy was instituted after the exchange was sued by the U.S.. In March, New York Attorney General Letitia James accused KuCoin of violating securities and commodities laws in a lawsuit.

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Author: André Beganski

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