- In total, the company employs about 1000 employees.
- The reason for the layoffs is the recently introduced tough KYC policy, which led to a decrease in the exchange’s profits.
Cryptocurrency exchange KuCoin will lay off 30% of its employees, reporter Colin Wu said, citing company employees.
According to the journalist, the main reason for the cuts is the implementation of a strict KYC policy, introduced after a lawsuit by the United States, which led to a decrease in the exchange’s profits.
KuCoin has introduced a mandatory KYC procedure for all of its customers from July 15, 2023. At the time, the company said that users who fail the verification will face restrictions on the platform, they will be prohibited from making deposits, but they will be able to withdraw funds from the exchange.
also in message Colin Wu wrote that KuCoin replied that this is a normal verification procedure and the exchange is actively implementing compliance and concentrating on the development of its core business.