Kucoin has reportedly laid off 30% of its workforce

As revealed by unnamed sources, KuCoin is reportedly considering downsizing its workforce.

While the crypto exchange reportedly described the action as a “general performance evaluation”, the layoffs are said to be a result of the company’s new KYC policy.

• Chinese reporter Colin Wu were told KuCoin will let go of 30% of its staff members, citing information from three internal employees.
• According to Wu, the job cuts are following the crypto exchange’s updated Know Your Customer (KYC) measures, which it has made mandatory for its users. Sources further claimed that the new policy seems to be affecting the profits of the company.
• While there has been no official announcement from the exchange, the report states that the Seychelles-based firm said the layoffs are a “general performance evaluation”, adding that “Kukoin is actively adopting compliance and focusing on core business development.”
• In July 2022, KuCoin denied rumors of job cuts, stating that it instead wanted to increase its workforce by 30%.
• Meanwhile, the US branch of rival cryptocurrency exchange Binance recently laid off some of its employees in preparation for a long and costly legal battle with the Securities and Exchange Commission (SEC).