What's happening to kucoin?

[Iamcrypticguy]

Just searched about KuCoin, and I'm seeing some disturbing news about their founders being charged by the Justice Department for violating some laws.

Does anyone know more about this? What implications could this have on the CEX, especially now that they're targeted in the US?



https://www.justice.gov/usao-sdny/pr/prominent-global-cryptocurrency-exchange-kucoin-and-two-its-founders-criminally

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[Oshosondy]

If you should not be discussing what we have discussed before but just if recent, you can read about people opinion about tir question on this thread:

https://bitcointalk.org/index.php?topic=5490431.msg63861830#msg63861830

Kucoin is a strong exchange that we think we be able to survive this. US will not just give them fine that they will not be able to pay if necessary the exchange has to pay fine.

[bettercrypto]

As far as I know, these issues with Kucoin didn't just happen once; all of them were overcome and resolved by Kucoin. I can consider it a big exchange in the field
of the cryptocurrency industry.

This is almost at the same time as Binance; if I'm not mistaken, I even saw that they even ran a bounty campaign or signature campaign way back in 2016–2017,
if I'm not mistaken, so I can say that Kucoin can solve this big exchange here.

[Woodie]

Am pretty sure Kucoin being in the business for such a long time know how to deal with such issues and it won't be the last either!
It's just unfortunate that it's its own users that spread all this FUD to try cause some panic in the markets that could cause the dumping of coins which is nothing to celebrate about.. Tbh I wouldn't be surprised if these are hired guns trying to siphone it's users to themselves especially that they are among the big exchanges we have atm .

Otherwise, bad news affecting an entity such as Kucoin actually trickles down to everyone having an interest in cryptocurrencies and we shouldn't celebrate this hurdle.. Just hope this ends with a fine and we move on.

[target]

I heard founders are hiding already. Not sure if it was true but just like what happened to CZ, they were called by DOJ also but the two just fled as they were also indicted with money laundering. It's a sure thing they are going to also pay for it and I guess they aren't complying.

[Awaklara]

Because there was news that questioned Kucoin, it was natural that asset owners there quickly decided to move their assets. what happened shows us that there are still many people who have not learned from the cases that have occurred with the exchange.

I just hope there aren't any more big swaps that end up having to go down. if they make a mistake then they have to pay a fine instead. I think Kucoin can solve it.

[dansus021]

I hear the news that kucoin or the founder had issue with money laundry, something like that. But please I hate when this problem is so big
. Please I dont want the FtX 2.0 here

But i just watch their twitter and everything seem normal and i hope like this. to be honest Us is now checking everything that related to crypto

[Beparanf]

I hear the news that kucoin or the founder had issue with money laundry, something like that. But please I hate when this problem is so big
. Please I dont want the FtX 2.0 here

But i just watch their twitter and everything seem normal and i hope like this. to be honest Us is now checking everything that related to crypto

FTX is different because the founder is an American citizen and he use his customers funds on many questionable expenses that makes FTX balance sheet to negative. Kucoin is just facing legal issue which they can resolve by complying to the US government and paying fines for what they’ve done.

I believe social is just intensifying everything because this is what many people wants ot heard on a FUD news like this. I’m not a user of Kucoin but I now that they have enough funds to continue the operation despite paying fines.

[2Pizza410000BTC]

Just searched about KuCoin, and I'm seeing some disturbing news about their founders being charged by the Justice Department for violating some laws.

Does anyone know more about this? What implications could this have on the CEX, especially now that they're targeted in the US?



https://www.justice.gov/usao-sdny/pr/prominent-global-cryptocurrency-exchange-kucoin-and-two-its-founders-criminally

All I know and hear is that the owner of Kucoin has been charged and convicted of money laundering. We previously saw Binance CEO CZ convicted of money laundering and fined $4 billion. Of course CZ has settled all his cases and is now proceeding as before with his exchange. People were very scared in the first stage but now it is completely normal. So I would say to those who are in fear of such news of Kucoin, I would say that you have no reason to fear, very soon all the problems will be solved and everything will be back to normal.

[electronicash]

they were operating for a long time but times up, time to pay up and the founders just ran. it's not new anymore and if users are laundering through their exchange, ready or not they will be guilty.

they will be found somewhere just like Do Kwon. if they aren't in the next few months then we might just hear the same story as that founder of a Canadian exchange that died.

[Bushdark]

The news has been circulating that part of the team plans to sell the exchange which had resulted in money launching.
This is not a comfortable news for an exchange that is quite seen as reputable but I just hope that this kind of news is going to die off soon and the matter is going to be resolved. Since the emergence of the news, many influencers had been advising their followers rk get their money off the exchange which could be a catastrophe to the exchange.

[Bournesparks]

Just searched about KuCoin, and I'm seeing some disturbing news about their founders being charged by the Justice Department for violating some laws.

Does anyone know more about this? What implications could this have on the CEX, especially now that they're targeted in the US?



https://www.justice.gov/usao-sdny/pr/prominent-global-cryptocurrency-exchange-kucoin-and-two-its-founders-criminally

All I know and hear is that the owner of Kucoin has been charged and convicted of money laundering. We previously saw Binance CEO CZ convicted of money laundering and fined $4 billion. Of course CZ has settled all his cases and is now proceeding as before with his exchange. People were very scared in the first stage but now it is completely normal. So I would say to those who are in fear of such news of Kucoin, I would say that you have no reason to fear, very soon all the problems will be solved and everything will be back to normal.

I hope so, because news like this could be detrimental to the platform. Users might lose trust, and that's not a good thing. I'm curious, where/how can someone diversify to safeguard against all these setbacks?

[jrrsparkles]

No exchange is free from charges by the government entities, Binance recently agreed to pay penalty of 5 BN or so, that's what the nature of crypto exchanges still they can remain stronger until they have good team of lawyers who can break the follow-up charges or bring down the charges to minimum level.

[Obari]

Well, I think KuCoin has passed more severe cases in the past and they’re already an established exchange and don’t think they will be shaking because of this recent case.
This topic has already been discussed but I think it’s worth talking about repeatedly as anything could happen and users of the exchange ought to be vigilant and stay watchful of their exchange, so as not to be taken unaware.

I hope KuCoin and it’s team gets to settle all of this because it’s really a heart breaking news and since a lot of major investors are already withdrawing their assets, I think it will greatly affect them negatively m, as other users might also want to withdraw theirs too.

[tbct_mt2]

Just searched about KuCoin, and I'm seeing some disturbing news about their founders being charged by the Justice Department for violating some laws.

Does anyone know more about this? What implications could this have on the CEX, especially now that they're targeted in the US?

https://www.justice.gov/usao-sdny/pr/prominent-global-cryptocurrency-exchange-kucoin-and-two-its-founders-criminally

Similar accusation like what happened against Binance and their CEO, Changpeng Zao months ago.

Money laundering is not allowed in the USA. and they have strict regulations against Money Laundering. If an exchange operates in the USA. or allow USA. citizens to register and use its services, but fail to do AML against money laundering, the exchange will be under radar of DOJI and will be suited with massive charges like Binance and Kucoin.

Months ago, before Binance, there are some Peer to Peer Marketplaces had to shut down their services like LocalBitcoins, Paxful, LocalCryptos. P2P marketplaces are more favorite for money laundering than CEX and you can connect those cases to understand what's happening in the USA. against CEXs.

Money laundering is only one of their reasons to attack Cryptocurrency market includes CEX. Money laundering happens with banks as well and it does not only exist in cryptocurrency market.

Paxful is shutting down
LocalCryptos is shutting down
Localbitcoins slowly dying?

[slaman29]

Lessons of crypto will never seem to be learned by people. I don't know why people keep getting shocked when things like this happen.

If you are using a CEX, it better be super covered by regulations. If it's not, then it will get fined, or investigated, either way it won't be good.

If it's a CEX that is actually located in one country, AND does not accept people from outside that country, maybe there's less to worry about (but you still worry about hacks and all that).

But if you wanna accept US citizens, you better make sure you're Coinbase standard

[bettercrypto]

You're right there; Kucoin can solve that, almost at the same time as Binance, to be honest. Then I also agree that it is one of the giant exchanges in this field of cryptocurrency as well.
So I can say that its users have nothing to worry about because, for sure, their fund is also secured.

I also have assets on that exchange, but I never feel worried because I have a lot of trust in Kucoin because I have been using it for several years,
and I have also seen how to value their users in truth.

[Jascrypt]

Just searched about KuCoin, and I'm seeing some disturbing news about their founders being charged by the Justice Department for violating some laws.

Does anyone know more about this? What implications could this have on the CEX, especially now that they're targeted in the US?

https://i.ibb.co/r5XPHbQ/IMG-20240329-WA0031.jpg

https://www.justice.gov/usao-sdny/pr/prominent-global-cryptocurrency-exchange-kucoin-and-two-its-founders-criminally

All I know and hear is that the owner of Kucoin has been charged and convicted of money laundering. We previously saw Binance CEO CZ convicted of money laundering and fined $4 billion. Of course CZ has settled all his cases and is now proceeding as before with his exchange. People were very scared in the first stage but now it is completely normal. So I would say to those who are in fear of such news of Kucoin, I would say that you have no reason to fear, very soon all the problems will be solved and everything will be back to normal.

I hope so, because news like this could be detrimental to the platform. Users might lose trust, and that's not a good thing. I'm curious, where/how can someone diversify to safeguard against all these setbacks?

They may survive but it's not worth the risk keeping your assets on a troubled platform cos trust is a scarce virtue in this space. The little I have left on the platform were transferred to Bitget upon hearing the news due to the availability of those assets. You can dyor and make the right call but they could be a good alternative.

[Bureau]

What is weird in all of this is that Kucoin recently became compliant with Indian government regulations. You guys if you have not read about this issue but a few major international crypto exchanges like Binance, OKX, and others are blanket banned by the government of India. This news or if it is a speculation could hurt the Indian community who are now going through the shit KYC process to trade on Kucoin and those who have already done it and using the exchange regularly. This is a piece of bad news and I think it is reasonable for anyone using CEX to remove their crypto assets and send them to their personal wallet.

[Husires]

We already have a discussion about this topic, but the charges are nothing more than failure to comply with the Know Your Customer (KYC) program or the anti-money laundering program, which are charges that could lead to Founders being imprisoned, they will not affect KuCoin if they commit to providing data and stop providing service to the United States, but this depends on If the CFTC finds no additional evidence.
https://www.cftc.gov/PressRoom/PressReleases/8884-24