KuCoin, a crypto exchange, has denied reports that it plans to lay off over 300 staff, stating that they are "routine performance appraisals." The bear market has led to significant layoffs in the crypto industry, particularly among exchanges, as companies seek to cut costs and maintain lean teams. Chinese reporter Colin Wu initially claimed that the layoffs at KuCoin were due to a recent decline in profits resulting from stricter KYC rules, but the exchange has since clarified that they are simply performance appraisals. Other crypto exchanges, including Binance, have also reportedly conducted significant layoffs in recent times.