As revealed by nameless sources, Kucoin is contemplating downsizing its employees.
Whereas the crypto trade reportedly described the motion as a “common efficiency analysis,” the layoffs are stated to be a results of the corporate’s new KYC coverage.
- Chinese language reporter Colin Wu is indicated Kucoin will lay off 30% of its employees members, citing data from three inner workers.
- In line with Wu, the job slashing is going on following the crypto trade’s up to date KYC (KYC) standards that it has made necessary for its customers. Sources additional claimed that the brand new coverage appears to have affected the corporate’s earnings.
- Whereas there was no official announcement from the trade, the report stated the Seychelles-based agency stated the layoffs had been a “common efficiency analysis” and added that “Kukoin is actively pursuing compliance and specializing in core enterprise improvement.”
- In July 2022, Cucoin denied rumors of job cuts, stating that it will as a substitute enhance its employees by 30%.
- In the meantime, the US arm of rival cryptocurrency trade Binance lately laid off a few of its workers in preparation for a prolonged and costly authorized battle with the Securities and Trade Fee (SEC).
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