KuCoin Follows Binance’s Suit, Announces 30% Staff Layoff

The extended bear market and pondered regulatory changes have made things dreadfully hard for several crypto organizations. Even though in 2022 there were a mass lay-offs, 2023 seemed to take a back seat when comparing the number. Until now, reports have surfaced that suggest Binance has followed through with cutting operating costs and benefit programs. Right alongside them, according to Wu Blockchain, now the exchange of KuCoin has reported a 30% employee hemorrhage.

That’s what approximately three workers, currently employed at KuCoin, stated. Considering the fees they had to pay for KYC before the lawsuit toward U.S regulators circulated,the earnings have plummeted. In response to the reports,Kucoin stated it was only a “normal performance appraisal”. They concurrently informed everyone about their willingness to generate a compliant and secure at onboarding. The decision and demand of KYC for users starting the 15th of July,published by Johnny Lyu CEO of the exchange, was first reported with the causes being remained attentive to fulfilling legal demands.

Robert Wilson author
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