Kucoin, a leading cryptocurrency exchange, is reportedly planning to reduce its workforce by 30%, according to anonymous sources. The move is said to be a result of the company's new Know Your Customer (KYC) policy, which has allegedly impacted its profits. Despite no official announcement, the Seychelles-based firm has described the layoff as a "normal performance appraisal," emphasizing its commitment to compliance and core business development. This comes after Kucoin denied rumors of job cuts in July 2022, stating it was instead looking to increase its staff by 30%. Meanwhile, Binance US has also recently laid off employees in preparation for a legal battle with the SEC.