According to a statement on Aug. 2, KuCoin plans to suspend its Bitcoin (BTC) and Litecoin (LTC) mining pools effective Aug. 15 until further notice.
The exchange attributed its decision to its “evolving business strategy” and advised its mining pool users to switch their miners to alternatives before the deadline. KuCoin mining pool users have until August 27 to back up and keep their mining records and other data.
Other operations unaffected
However, KuCoin assured the community that the suspension of mining pool operations will not affect other aspects of its services, including its exchange operations and others. In addition, its users’ assets remain safe on its platform.
KuCoin’s BTC and LTC mining pools are considered to be the top performing pools and make up a significant portion of their respective networks. At press time, the exchange’s BTC and LTC pools account for 8.51 EH/s and 2.67 TH/s, respectively, of the total network hash rate.
The news comes less than a week after the exchange denied any alleged layoff plans. At the time, the exchange’s CEO, Johnny Lyu, said the company was merely restructuring its business to remain competitive and dynamic.
KuCoin’s shift in strategy may be related to a lawsuit filed by the New York Attorney General for alleged non-compliance with KYC rules. In response, KuCoin has beefed up its KYC procedures, which has reportedly led to a drop in trading activity and revenue.
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