top of page
  • Writer's pictureJamal Saafir

KuCoin Downsizing Staff Amidst KYC Enforcement

As reported by CoinDesk, KuCoin, the 4th ranking crypto exchange in the world, according to CoinMarketCap, may be laying off a large percentage of its staff. The amount of staff potentially being laid off is rumored to be 30% of its workforce.

According to a Twitter post from Wu Blockchain, the rumors of downsizing and the size of the downsizing are from three internal sources employed at KuCoin.

New York State Attorney General Letitia James

This comes on the heels of a lawsuit filed in March by the New York State Attorney General Letitia James on allegations that it violated securities laws by offering tokens – including Ethereum.

KuCoin responded to the allegations by announcing the beginning of strict enforcement of "Know Your Customer" or KYC protocols. Along with the enforcement of KYC compliance, came the downturn in exchange traffic and activity from its users. The mandatory identity checks on its customers, is said to have cut into profits, according to Wu Blockchain.

In a statement to CoinDesk, a spokesperson for KuCoin said that the company has “not initiated any alleged layoff plans.” However, the spokesperson said that “as part of the company's business development and semi-annual employee performance review, there might be some personnel adjustments as needed, which is a normal process in

organizational development.”

KuCoin contender Binance, has reportedly been cutting a large portion of its staff in recent weeks, but Binance has contested the size of the layoff being as substantial as reported. Similar to KuCoin, Binance said its workforce adjustments are a typical aspect of “reevaluating whether we have the right talent and expertise in critical roles,” a spokesperson told CoinDesk earlier this month.

0 views0 comments


bottom of page