Leading crypto exchange KuCoin will pause Bitcoin and Litecoin mining pools on August 16. The exchange has more than 20 million customers. He explained that he made this decision as part of a shift towards his core business focus.
KuCoin suspends BTC and LTC mining pools
Leading crypto exchange KuCoin announced in an announcement on August 1 that it will temporarily suspend its pool service from 16:00:00 (UTC) on August 15, 2023 until new updates are released. KuCoin expressed its deep regret for any inconvenience this will cause. Thus, the exchange will suspend Bitcoin and Litecoin mining pools until further notice.
The exchange said the decision was “in line with KuCoin’s evolving business strategy.” However, he did not provide further details. It is unclear whether the decision is related to the upcoming Litecoin halving. Regarding the issue, a KuCoin staff member said, “To ensure uninterrupted earnings during our temporary suspension, cryptocurrency mining users, we recommend that you switch your BTC and LTC miners to alternative mining pools before 16:00:00 on August 15, 2023 (UTC). he directed.
Crypto exchange users warned!
The exchange also warned users to back up and protect mining records and related data. It advised users to do this before August 27th. Currently, KuCoin Bitcoin and Litecoin mining pools have hash rates of 9.08 exahash per second (EH/s) and 3.90 terrahash per second (TH/s), respectively. Overall, the Bitcoin network has a hash rate of 349.19 EH/s, while the Litecoin network has a hash rate of 792.16 TH/s.
According to the exchange’s statement, users will have secure access and full control of their assets at the intermediate stage. In addition, KuCoin’s other offers will continue uninterrupted.
KuCoin denies dismissal allegations
As you follow on Kriptokoin.com, there were rumors that KuCoin was preparing to lay off 30% of its workforce before. The crypto exchange denied doing so, stating that it has not initiated any layoff plans. On this subject, CEO Johnny Lyu said, “First of all, KuCoin is running smoothly. Our latest H1 2023 report shows strong growth in users and new listings. Also, our talented team is expanding steadily.” he wrote.
Meanwhile, since July, the exchange has implemented mandatory Know Your Customer (KYC) requirements for its users. The cryptocurrency exchange will prevent existing customers from depositing funds unless they complete KYC. KuCoin says it has over 20 million registered accounts.
SCOOP: Following Binance, cryptocurrency exchange KuCoin will lay off 30% of its workforce. Confirmed by more than three internal employees. KuCoin has nearly 1,000 employees. The main reason is that the strict KYC policy was launched after being sued by the United States, which…
— Wu Blockchain (@WuBlockchain) July 25, 2023
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