|
Title: Is KUCOIN in trouble? Post by: Suman1 on May 21, 2024, 01:29:02 PM Indeed, after a long wait, it has finally resumed services here in my country again following local regulations which forced them to enforce TDS on every transaction we made mainly on P2P and sell orders. But I know this resulted in many of us shifting to other major alternatives like Bitget, Bybit, Gate etc. These are very user-friendly with huge volumes.
Title: Re: Is KUCOIN in trouble? Post by: Potato Chips on May 21, 2024, 08:55:40 PM You mind telling us which country for discussion's sake?
Presently, they have a case in the US. Maybe it'll end by kucoin paying monies to them and/or they may add further charges and/or other countries may also ride on this thus prolonging the whole ordeal, who knows. But the overarching theme is any CEx is susceptible to regulatory pressure and crypto drama could escalate fast lol hence never treat them as your personal wallet e.g. letting huge amounts sit for a long time. Title: Re: Is KUCOIN in trouble? Post by: goldkingcoiner on May 21, 2024, 11:22:52 PM All centralized exchanges are in trouble. Centralized services likes exchanges are not compatible with decentralized technologies. That is why they all get perpetually sued. Keep away from CEX as much as possible.
Title: Re: Is KUCOIN in trouble? Post by: logfiles on May 21, 2024, 11:54:50 PM Centralized services likes exchanges are not compatible with decentralized technologies. Not all exchanges are centralized services. We also have a few decentralized exchanges, though not popular among people. I am not sure why, but the biggest issue is liquidity, perhaps. Take an example of Bisq, a very good p2p exchange that is completely decentralized but still very few offers over there with most countries not even having any offers/traders.https://talkimg.com/images/2024/05/22/1iqK9.png Title: Re: Is KUCOIN in trouble? Post by: PX-Z on May 24, 2024, 11:00:34 PM Indeed, after a long wait, it has finally resumed services here in my country again following local regulations which forced them to enforce TDS on every transaction we made mainly on P2P and sell orders. But I know this resulted in many of us shifting to other major alternatives like Bitget, Bybit, Gate etc. These are very user-friendly with huge volumes. Most centralized exchanges that asks KYC are affected and will be affected in any countries' future regulations. Just like you experienced people will jump from exchange to another when a ban is mandate or additional tax in every transaction is required. People in my area is experiencing it with the ban of other exchanges like binance here.Title: Re: Is KUCOIN in trouble? Post by: YOSHIE on May 26, 2024, 03:58:58 PM Indeed, after a long wait, it has finally resumed services here in my country again following local regulations which forced them to enforce TDS on every transaction we made mainly on P2P and sell orders. If you are talking about the KUCOIN exchange, as far as I know, there are several countries that include Kucoin within geographical restrictions and there are those that require Kucoin to comply with all the rules and laws that apply in that country.As @Potato Chips said, the US is currently criminalizing KUCOIN, of course this is problematic for the KUCOIN exchange, Canada, the UK, the European Union and many other countries that treat kucoin uncomfortably. Quote For example: Kucoin has banned its services in the Netherlands due to the implementation of 5AMLD in the country, which requires cryptocurrency exchanges to register with the Dutch Central Bank ( De Nederlandsche Bank ) and comply with strict AML and KYC measures. In other cases this is what causes kucoin to have problems. For example: Quote Prosecutors also alleged that KuCoin operated in the US without the necessary licenses. This raises concerns about the exchange's compliance with financial regulations created to combat money laundering and other financial crimes. The exact nature of these allegations has not yet been disclosed. However, it appears to have worried investors, prompting them to withdraw their assets from exchanges to reduce potential risks. For this reason, Kucoin investors and users are taking other exchange alternatives, as you mentioned. Title: Re: Is KUCOIN in trouble? Post by: hugeblack on May 27, 2024, 08:25:02 AM Indeed, after a long wait, it has finally resumed services here in my country again following local regulations which forced them to enforce TDS on every transaction we made mainly on P2P and sell orders. But I know this resulted in many of us shifting to other major alternatives like Bitget, Bybit, Gate etc. These are very user-friendly with huge volumes. When the platform turns to mandatory KYC exchange, it loses the advantage of being a global exchange that everyone can use, and therefore they must compete with local platforms and other KYCed exchanges.KUCOIN can compete during a bull market, but when the crypto winter comes, they may not be in a good position, so it is best to avoid trading with large amounts and withdraw your profits on an almost daily basis. |
