Kucoin is reportedly looking to reduce its staff, as revealed by anonymous sources.
While the crypto exchange allegedly described the action as a “normal performance appraisal,” the layoff is said to be a result of the company’s new KYC policy.
- Chinese reporter Colin Wu indicated that Kucoin will let go of 30% of its staff members, citing information from three internal employees.
- According to Wu, the job slash is happening following the crypto exchange’s updated know your customer (KYC) measures which it made mandatory for its users. The sources further claimed that the new policy seems to have affected the company’s profits.
- While there is no official announcement from the exchange, the report stated that the Seychelles-based firm said the layoff is a “normal performance appraisal,” adding that “Kucoin is actively embracing compliance and focusing on core business development.”
- In July 2022, Kucoin refuted rumors of job cuts, stating that it was instead looking to increase its staff by 30%.
- Meanwhile, the US arm of rival cryptocurrency exchange Binance recently laid off some of its employees in preparation for a lengthy and expensive legal battle with the Securities and Exchange Commission (SEC).