KuCoin lays off 30% of workforce following US lawsuit and adoption of stringent KYC policy

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Cryptocurrency exchange KuCoin has decided to lay off 30% of its workforce, according to internal sources. With almost 1,000 employees, the move follows Binance’s recent announcement to restructure and reduce staff numbers as well. The company has attributed the layoffs to its recently adopted stringent KYC policy after being sued by the United States government, which has reportedly resulted in lower profits. KuCoin staff members have expressed concern over the company’s future, with many uncertain about their positions.