While the news that Binance fired its employees remained warm, another news came from Kucoin.
Chinese journalist Colin Wu announced that Kucoin will cut 30% in employees and start layoffs.
Wu cited 3 insiders as the source.
The strict KYC policy initiated by the stock market after the lawsuit was filed in the USA was cited as the general reason for the dismissals.
Kucoin said that the layoffs are not related to decreased profitability and are related to a normal performance evaluation.
According to Wu, Kucoin currently has 1000 employees. Accordingly, approximately 300 employees will be laid off.
SCOOP: Following Binance, cryptocurrency exchange KuCoin will lay off 30% of its workforce. Confirmed by more than three internal employees. KuCoin has nearly 1,000 employees. The main reason is that the strict KYC policy was launched after being sued by the United States, which…
— Wu Blockchain (@WuBlockchain) July 25, 2023
