KuCoin, a cryptocurrency exchange, has announced that it will discontinue its Bitcoin and Litecoin mining pool services starting from August 15. The exchange advised mining pool users to move their miners to other platforms to maintain its evolving business plan. The decision comes after reports that KuCoin was planning to lay off 30% of its staff due to reduced profitability caused by the country’s strict Know Your Customer laws. However, the CEO of KuCoin denies the layoffs and claims that the company is expanding rapidly. KuCoin has given its mining customers until August 27 to back up and preserve their mining data. Failure to migrate to alternative pools may affect mining revenue. The move is said to strengthen the exchange’s security system and improve user experiences.
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