On Friday, it was reported that leading U.S. cryptocurrency exchange Coinbase had laid off at least 15 members of its staff, though the company would not confirm this number. The cuts were made in the Customer Support, Compliance and Fraud departments, and they come after the exchange hired around 250 people this year. The move has come as a surprise to many industry observers, especially as the company had repeatedly insisted that it wanted to increase the number of employees there, to help keep up with the ever-increasing demand of services from their customers. In response to the move, the company issued a statement in which they said that they have learned that certain teams in the organization worked better when the individual members were working in the same office. They further said that these employees were "more efficient, effective, and happier in their roles." The company went on to say that in the future all those hired to work in the Customer Support, Fraud and Compliance departments will be required to work onsite in the corporate offices. According to an unnamed source inside the company, many employees of the exchange are unhappy about the layoffs. The source added that senior management had not as of yet properly communicated why the employees had been laid off. Since the beginning of last year, Coinbase has been facing increasing criticism from its customers, who have complained about a wide range of technical and customer support issues. It is believed that these issues are directly related to the large increase of users at the exchange. It was because of these customer complaints that the company promised to increase the headcount at the organization, specifically in customer support. As of last month, the company had around 500 employees, and about half of these had been hired during the current calendar year. Just this month, rumors have been circulating about an initial public offering (IPO) for the company, which reportedly has received a valuation of somewhere around $8 billion. It also added Charles Schwab board member Chris Dodds to its board.