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Following in the footsteps of Binance, the giant cryptocurrency exchange KuCoin is also planning to lay off employees. According to reliable sources, the exchange will terminate around 30% of its workforce, which amounts to approximately 300 employees.
KuCoin to Lay Off 30% of Employees
Colin Wu, a Chinese blockchain journalist, stated in a notification based on reliable sources that KuCoin, the giant cryptocurrency exchange, will also resort to layoffs following Binance. The information suggests that about 30% of the exchange’s employees will be laid off.
It is expected that KuCoin, which is estimated to have around a thousand employees, will lay off around 300 of them. The main reason for the layoffs is attributed to the strict Know Your Customer (KYC) policy implemented following the lawsuit filed by the U.S. Securities and Exchange Commission (SEC), which has resulted in a decrease in the exchange’s profitability.
Statement Regarding the Layoff Decision by the Cryptocurrency Exchange
Meanwhile, Wu stated that he received feedback from KuCoin regarding the layoffs, and it was conveyed to him that the layoffs are part of a regular performance evaluation process conducted periodically. A spokesperson from KuCoin, who reached out to Wu, stated that the cryptocurrency exchange actively embraces compliance with regulatory jurisdictions and does not perceive it as a problem. The spokesperson also added that KuCoin continues to focus on its core business development process.
The Wall Street Journal (WSJ) reported on July 15, citing individuals familiar with the matter, that Binance, which is grappling with federal investigations and regulatory pressures in the United States, has downsized its workforce. The report claimed that the cryptocurrency exchange has terminated over a thousand employees in recent weeks. Binance CEO Changpeng Zhao confirmed the layoffs but stated that the number was incorrect.
Market observers speculate that Binance could lose more than one-third of its workforce in the ongoing process. It is estimated that Binance had around 8,000 employees worldwide before the layoffs.
