As the cryptocurrency industry continues to suffer during the bear season, companies are dwindling in their workforces.
However, it was claimed that Kucoin, one of the crypto money exchanges, will lay off 30 percent of its employees.
Kucoin’s dismissal allegations
It is alleged that Kucoin is looking to cut 30 percent of its workforce and these layoffs are a result of the company’s new KYC policy. Chinese reporter Colin Wu stated that these layoffs will occur, based on information he received from three internal employees. This business interruption is occurring after the update of the know-your-customer (KYC) measures that Kucoin has made mandatory for its users. Sources also suggested that the new policy affected the company’s profits.
No official statement was made by Kucoin, but the report states that the Seychelles-based company described the layoffs as “a normal performance review” and that “Kucoin is actively embracing compliance and focusing on core business development.”
In July 2022, Kucoin denied the rumors of layoffs, stating that it wanted to increase its staff by 30 percent.
Meanwhile, the US arm of rival cryptocurrency exchange Binance recently laid off some of its employees to prepare for a long and expensive legal battle with the Securities and Exchange Commission (SEC).
