What the hell do you want to be? Kucoin Quits 30% of Employees!

<p>&nbsp;"Don't panic everyone, there must be a reason for Kucoin to act like that."</p><p><br /></p><p>Recently, cryptocurrency exchange Kucoin reportedly cut 30% of their employees due to its new Know Your Customer (KYC) policy which is said to be very complicated, said Chinese journalist Colin Wu.</p><p><br /></p><p>There is no denying that KYC is intended to protect users from various financial crimes, but the new policy applied by Kucoin has affected the profits of its exchange.</p><p><br /></p><p>While there has been no official announcement, Seychelles-based Kucoin which has made the same move as Binance has said that the shutdown is purely a normal performance evaluation.</p><p><br /></p><p><br /></p><p>Kucoin added that his team from today will actively accept compliance including focusing on business development so that its services can be further developed globally.</p><p><br /></p><p>However, Kucoin vehemently denied rumors of such layoffs stating that the team actually intends to increase staff by 30% and not the other way around.</p><p><br /></p><p>So far, KuCoin Token (KCS) price has surged by 2.36% at $5.90 in the last 24 hours with a market capitalization of $571 million but still recorded a 4.29% decline over the last week.</p><p><br /></p><p>On the other hand, Binance was also found to have laid off some of its employees in preparation for a long legal battle with the Securities and Exchange Commission (SEC) of the United States (US).</p>