Home Ethereum KuCoin Denies Studies Of Mass Layoffs Amid Declining Income

KuCoin Denies Studies Of Mass Layoffs Amid Declining Income

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KuCoin Denies Studies Of Mass Layoffs Amid Declining Income

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  • KuCoin has denied reviews of lowering its workforce by 30% amid declining earnings. 
  • The crypto change acknowledged that it was letting go of some workers as a part of a routine adjustment. 
  • Colin Wu reported that KuCoin had been struggling after being sued by the New York Lawyer Basic in March. 
  • The crypto change’s buying and selling quantity has decreased by over 50% since a strict KYC coverage was enforced final week. 

KuCoin has denied reviews of mass layoffs after crypto journalist Colin Wu reported earlier at present that the Seychelles-based crypto change was planning to let go of 30% of its workforce. The report comes a month after the change enforced necessary know-your-customer (KYC) checks on its buying and selling platform, which reportedly led to a decline in earnings. 

NY AG’s Lawsuit Towards KuCoin Led To Decline In Income

Citing three nameless inner sources, Colin Wu reported that KuCoin is ready to put off 300 of its practically 1000 workers. In March, New York Lawyer Basic Letitia James sued the crypto change, accusing it of violating securities legal guidelines by providing securities to customers on its platform. 

This was adopted by the enforcement of necessary KYC checks which took impact on July 15. In response to Colin Wu, the lawsuit paired with the strict KYC coverage led to a decline in KuCoin’s earnings. This reportedly prompted the crypto change’s plan to put off 30% of its workers.

Nonetheless, the change denied the reviews of mass layoffs and acknowledged that it supposed to make routine changes to its workforce as a part of regular efficiency appraisal. “KuCoin is actively embracing compliance and specializing in core enterprise growth,” the change mentioned in a press release to the crypto journalist. 

KuCoin Denies Reports Of Mass Layoffs Amid Declining Profits 11
KuCoin’s Buying and selling Quantity

Information from CoinGecko confirmed that the crypto change’s buying and selling quantity has declined by a whopping 73% following the lawsuit by the New York AG. As for this month, the buying and selling quantity declined by 54% because the KYC coverage got here into impact.



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