- The changes will take effect on August 15.
- The company attributed its decision to an “evolving business strategy.”
- The exchange previously denied rumors of employee layoffs.
The KuCoin cryptocurrency exchange announced that it plans to suspend bitcoin and Litecoin mining through its own KuCoin Pool effective August 15.
The company said in a statement:
“In line with KuCoin’s evolving business strategy, we are notifying you of the temporary suspension of the KuCoin Pool service effective August 15, 2023. 16:00 (UTC) until further notice.”.
The exchange also recommends that all members of mining pools move their assets to alternative services before this deadline expires. In addition, KuCoin advised to back up and save account data and related information until August 27, 2023 (UTC).
The company also said in a statement that the termination of the mining pool will not affect other aspects of their operations and that users’ assets remain safe.
Reminder, on July 25, media reported that the exchange plans to lay off about 30% of its employees. However, Kucoin denied the rumors a day later.
A day later, Kucoin denied the rumors.