Kucoin Reportedly Cutting Staff Amid New KYC Policy
Kucoin, a popular crypto exchange, is reportedly reducing its workforce as a result of its new know your customer (KYC) policy. Chinese reporter Colin Wu revealed that the company plans to lay off 30% of its staff members based on information from internal sources. The updated KYC measures, which have been made mandatory for users, are said to have impacted the company’s profits. Though Kucoin has not made an official announcement, the Seychelles-based firm referred to the layoff as a “normal performance appraisal” and stated that it is focusing on compliance and core business development. In contrast, Binance’s US arm recently laid off employees in anticipation of a legal battle with the SEC.
Key Points:
– Kucoin is reportedly reducing its staff due to the implementation of a new KYC policy.
– Chinese reporter Colin Wu claims that 30% of the company’s employees will be laid off.
– The updated KYC measures have allegedly affected Kucoin’s profits.
– The exchange referred to the layoff as a “normal performance appraisal” and emphasized its focus on compliance and core business development.
– Binance’s US arm also recently laid off employees in preparation for a legal battle with the SEC.
Hot Take:
The crypto industry’s increasing regulatory scrutiny is leading to significant changes within exchanges. Kucoin’s decision to cut staff in response to its new KYC policy highlights the challenges exchanges face in balancing compliance with profitability. As more exchanges implement stricter regulations, we may see further job cuts and industry consolidation.
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