Cryptocurrency exchange KuCoin has denied reports that the company plans to conduct a massive staff layoff. However, it has confirmed intentions to conduct regular performance evaluations, which may decrease its staff numbers.
News surrounding KuCoin’s alleged staff layoff emerged on Tuesday when reporter Colin Wu tweeted that the Seychelles-based company planned to dismiss 30% of its labor force of about 1000 personnel.
SCOOP: Following Binance, cryptocurrency exchange KuCoin will lay off 30% of its workforce. Confirmed by more than three internal employees. KuCoin has nearly 1,000 employees. The main reason is that the strict KYC policy was launched after being sued by the United States, which…
— Wu Blockchain (@WuBlockchain) July 25, 2023
Citing three anonymous sources, Colin Wu stated that the main reason behind this layoff was a fall in the exchange profits due to its newly imposed Know Your Customer (KYC) policy and an ongoing lawsuit in the United States.
Back in March, New York Attorney General Letitia James charged the exchange to court for failure to register with the state before providing a platform for users to trade cryptocurrencies.
On July 15, KuCoin also introduced a mandatory know-your-customer procedure which requires full completion before trading or making deposits on the platform. Colin Wu reported that both factors led to a substantial decrease in KuCoin’s revenue.
Related Reading: Binance Massive Layoff: Over 1,000 Employees Fired
KuCoin Undergoing Structural Evaluation, Not Layoffs – CEO Says
Following reports of an impending massive staff layoff by K
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Author: Semilore Faleti
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