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

[1714770554]

1714770554

[1714770554]

1714770554

[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

[kentrolla]

It's sad not because Kucoin exchange will be in trouble because they can easily bailout of this situation as they are as equal to Binance in this field. What concerns me is what if the charges are proven? Why doesn't big shot have to indulge into such activities as first CZ now Kucoin as this would send wrong example to th general audience that all those who have earned in crypto are through breaking laws or unethical way. Not a good news.

[Mr. Magkaisa]

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.

           -      The news does something else; in fact, there are additions and omissions, and sometimes the story is changed. News does something different on television and social media, especially if it's really hot news. It has a big impact.

But of course, I am pretty sure that this hottest news about Kucoin will stop anytime soon, and I also know that Kucoin is good as much as they can, and I also know that their trusting users are important to them too.

[xandriel]

KuCoin used to be my favorite exchange. They didn't require KYC in the past, which was a good point for me. However, when a big exchange doesn't require KYC, it means they may be involved in money laundering, making them a target for gov.

[Huppercase]

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

They have violated the rules of US, that's what they said but I don't know why US is the most country that feel they are unique, if crypto is not fake today, they hold the centralized exchanges or they say some coins are security, sued and must pay some fine yet they have their own coinbase exchange that is working on their own soil and don't violate their rules the way outside exchanges violate their own. I just see them as bunch of people trying to get cheap scores from their government for doing the work they are employed to do.

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.

I doubt this kind of statements, it's possible that they can pass through this difficult times but are you aware that withdrawals were delayed the day Kucoin founders were charge of their crimes? They might have been here since the days of Binance but they are not as liquid as Binance. The total number of Bitcoin under Kucoin reserve is small compare to Binance, it should be 12 times less. If anyone should have their money in Binance should remove their coin asap to avoid unnecessary stories and explanations.

[Cryptomultiplier]

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 believe that's how Kucoin will get to joined the league of regulated exchange services in the world alongside Binance and the others that survived the money laundering accusations brought against it.

It's a struggle really and it's the survival of the fittest.
Am sure in coming years, we would get to see more exchanges being faced with similar cases before they become legal platforms for cryptocurrencies.

[tvplus006]

For me, the surprising fact remains that on such negative news, the KCS exchange coin is holding up pretty well. However, I placed limit orders from $7 to $9, as I think this is a good level to buy.

[adaseb]

On Reddit some customer posted some email about Kucoin saying they are fine and that they are doing some contest to with some free prices such as tether or some other crypto. I forgot what it was exactly but it sounded like a bad attempt to cover up this situation.

They might be fine but people are not taking risks after Ftx. Hence you see all these withdraws. Most people know that you can always deposit back after the dust has cleared but not worth risking it by keeping funds on the exchange.

[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

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.

Better safe than sorry, while I hope they fix this mess swiftly.. I think your suggestion is valid.. will suggest this to my friends.

[Natsuu]

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.

Well it's sad because its just one o those centralized platform that I'll be looking forward like right after Binance BNB too. I've got no problem using their platform either. Most coins that are new are listed there so that's another good side too. But knowing that issue right now, that would be very much affect the doubt of many investors or whales in Kucoin. So those pull offs of funds would also be putting Kucoin in worse situation that the support they would be expecting be gone.

[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

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.

I just hear that Kucoin made an airdrop in the middle of FUD https://www.kucoin.com/blog/letter-from-kucoin-ceo-10-million-airdrop-in-kcs-btc-in-thanks-to-community-support USD 10 Million and that is definitely a lot o money and there is also other news that mention "KuCoin Withdrawals Spike to $1B in Crypto Amid U.S. Regulatory Clampdown. KuCoin saw over $1 billion in withdrawals over the past 24 hours, Nansen data shows. Assets held by the exchange dropped to $4.8 billion from $6 billion, according to Arkham blockchain data"

Still standing we need to give the Cex a clap

[boyptc]

The news about the founders involved to money laundering is what makes people withdraw money on them. I think they have used the opportunity for being non compliant to kyc from their users is what made them confident to attract more users to deposit on them.

And as they have seen the opportunity for using it as more users deposit on them for being confident of having no kyc, this gave them that moment.

The point here is that no one should trust exchanges if it is about depositing money in the exchanges.

[Denamen]

Yeah, for me, I don't hold my coins on exchanges anymore. I just deposit some for trading and then withdraw to save. I have lost a lot of money on exchanges, so I don't do it anymore. If someone still remembers BTC-e, I lost $10,000 to that exchange.

[HuckelFinn]

KuCoin used to be my favorite exchange. They didn't require KYC in the past, which was a good point for me. However, when a big exchange doesn't require KYC, it means they may be involved in money laundering, making them a target for gov.

That's the problem: a growing exchange attracts the attention of regulators.

[goaldigger]

Yeah, for me, I don't hold my coins on exchanges anymore. I just deposit some for trading and then withdraw to save. I have lost a lot of money on exchanges, so I don't do it anymore. If someone still remembers BTC-e, I lost $10,000 to that exchange.

This is not advisable in the first place, there's no safe crypto exchange and you should not hold any big amount of your crypto on any exchanges.
This is not the first time for Kucoin founder/team to experienced a legal suit when it comes to the irregularities and they won in most of those cases.

Kucoin is not alone as Binance also have bad experience with the government pressure, let's just hope that this will not affect the current bull market and hope that Kucoin will win in this legal battle.

[Obari]

It's sad not because Kucoin exchange will be in trouble because they can easily bailout of this situation as they are as equal to Binance in this field. What concerns me is what if the charges are proven? Why doesn't big shot have to indulge into such activities as first CZ now Kucoin as this would send wrong example to th general audience that all those who have earned in crypto are through breaking laws or unethical way. Not a good news.

You’re right mate and with all these news about exchanges, I think a very wrong impression will be sent to the public and these on the other hand will also make the government gain more grounds on fights against cryptocurrency and make people think that, whatever earnings through crypto is illegal and I agree with you that, that’s not really good for the growth of bitcoin and cryptocurrencies at large.

Yeah, for me, I don't hold my coins on exchanges anymore. I just deposit some for trading and then withdraw to save. I have lost a lot of money on exchanges, so I don't do it anymore. If someone still remembers BTC-e, I lost $10,000 to that exchange.

This is not advisable in the first place, there's no safe crypto exchange and you should not hold any big amount of your crypto on any exchanges.
This is not the first time for Kucoin founder/team to experienced a legal suit when it comes to the irregularities and they won in most of those cases.

Kucoin is not alone as Binance also have bad experience with the government pressure, let's just hope that this will not affect the current bull market and hope that Kucoin will win in this legal battle.

To avoid all of these tensions, it has always been advised to avoid storing our coins in exchanges, but rather let them play their roles as exchanges and only send coins for trading over there.
For anyone who has been active on the  forum, would have at some point, gotten across thread’s preaching against storing coins on centralized exchanges.

[God bless u]

Yes it happened on Tuesday if I'm not wrong.The owner is charged for a bank secrecy act and using money transmitting business without a license.They are also charged for money laundering act.so this is not a good news for the kucoin users but that's a very good news for some traders as well ,that the governments are putting their attentions toward the sector of crypto now.

It's very important that the government should sentence some serious punishment to these types of people so that the crypto market can be cleaned up. It will ultimately reduce the amount Of scams into the market and the crypto market will grow more.

[Myleschetty]

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

Don't be surprised since KuCoin is the leading CEX that supported privacy and the plan of the government/BlackRock, ever since the Bitcoin spot ETF was approved is to take down the top cryptocurrency exchange in the market so that their exchange or institutional banks can take over.
I believe this is just the beginning, I hope KuCoin won't be guilty of the accusation.

[GreatArkansas]

Sad for Kucoin. Kucoin is one of the OGs in cryptocurrency exchange, now they are facing this.
They are a good exchange for me and most trusted ever since, but with this kind of issue,  for sure they will fix this and resolve any issue. I believe in them. This is far from case of FTX Exchange, this is just like issue from regulation, like licensing.

[Catenaccio]

Don't be surprised since KuCoin is the leading CEX that supported privacy and the plan of the government/BlackRock, ever since the Bitcoin spot ETF was approved is to take down the top cryptocurrency exchange in the market so that their exchange or institutional banks can take over.
I believe this is just the beginning, I hope KuCoin won't be guilty of the accusation.

Kucoin is the leading CEX for privacy, I never known about their role in cryptocurrency like this.

They are similar to other centralized exchanges in cryptocurrency and not different. If you want privacy, you only can look at Decentralized Exchanges and no KYC trading platforms that you can use with Tor.

Kucoin allowed no KYC to use their exchanges, like Binance and other CEX before they had to do KYC with AML globally. They provide exchange service for customers but they did not start the business for privacy of users.

Sad for Kucoin. Kucoin is one of the OGs in cryptocurrency exchange, now they are facing this.

I wonder that after Kucoin, what CEX will be next?

[Iamcrypticguy]

Sad for Kucoin. Kucoin is one of the OGs in cryptocurrency exchange, now they are facing this.
They are a good exchange for me and most trusted ever since, but with this kind of issue,  for sure they will fix this and resolve any issue. I believe in them. This is far from case of FTX Exchange, this is just like issue from regulation, like licensing.

You're right, it's about regulation and compliance. Crypto is evolving, and undoubtedly, governments will intervene, creating laws that seemingly protect their people. Going through this thread, I've learned a lot, and I hope KuCoin overcomes this and emerges stronger. Kudos to CEXs that are compliant with regulations. Someone mentioned Bitget and some others; if others follow suit, the crypto space will be one step safer.

[Cookdata]

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?

You ask for the implications, here is on of the implications:


Source: WuBlochain

There was massive outflow of coins such as Bitcoin, Ethereum and USDT from the exchange and this signify that people withdraw their money from the exchange as soon as they heard the news. They fear kucoin exchange will be facing a lot of criticism from court hearing henceforth and it's possible for them not to travel to US anymore just to avoid the faith of CZ from happening to them.

The exchange still works normal but there was some anormally when people were trying to withdraw their money from the exchange, a lot of delay was coming and that's why kucoin was trending. Even if things has calm down. I will advice you to withdraw your funds if you have any there just to be at a safer side.

[el kaka22]

Binance had this too, had to pay 4 billion dollars in fines and had to fire CZ as their CEO as well, nothing changed and they are going strong as it is. Kucoin might be facing something different, not the same law or anything, but just because the founder is being charged with something doesn't mean that it is going to be easy.

I believe that we are going to end up with something that can go further eventually and that should be the most important thing. I believe that while we are not going to end up with a greater return, so we should not really focus on if Kucoin has a trouble or not, as long as the website is working fine that means there won't be any issues. A small period could go on like this where people react, but then it will get better.

[ajiz138]

What I see about this Kucoin indictment case has been discussed in two different threads including this thread being three.

Well I know this case a few days ago from them being complained about delayed withdrawals and then it was complained about and became FOMo on platform X with this concern Kucoin stated firmly that their exchange is fine despite the founder being scandalized.

Never put a lot of assets on an exchange that you don't have control over, unless you are day trading then go ahead and when you make a profit then it's better to withdraw it to be safe than to have something bad happen like FTX.

[dunfida]

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?

These kind of news arent shocking anymore for me on which those exchangers who arent that compliant on what government would be mandating then they would really be surely be facing up those kind of issues.
Im not aware on whats their current issue with Department of justice but im not really that shock or not something new about those violating some laws or whatsoever. So whats the next possible thing could happen?
Neither Kucoin would be paying up multi millions in fine or even billions just like that happened in Binance or its owner or CEO would really be going down or would be getting jailed.
Its not really that a new thing anymore into this space, where government do really love on trying out to get involved whenever there are some platforms that they cant be able to control
or something that talks about that cant really be manipulated.

[Assface16678]

Binance had this too, had to pay 4 billion dollars in fines and had to fire CZ as their CEO as well, nothing changed and they are going strong as it is. Kucoin might be facing something different, not the same law or anything, but just because the founder is being charged with something doesn't mean that it is going to be easy.

I believe that we are going to end up with something that can go further eventually and that should be the most important thing. I believe that while we are not going to end up with a greater return, so we should not really focus on if Kucoin has a trouble or not, as long as the website is working fine that means there won't be any issues. A small period could go on like this where people react, but then it will get better.

But do mind that, I don't know if you all know that bitcoin has been blocked by SEC or security and exchange commission in the philippines, meaning anyone who is in philippines and using the IP of philippines can't no longer access binance its because of the recent controversy of binance about their CEO, although they comply with the controversy philippines still see that binance should be blocked, for me I'm against to this because binance is one of my primary wallet or exchange platform but of course if there's a will there's a way, I can still access binance and used it just need to have a VPN, a trusted VPN, so same goes with kucion as long as its convenient for you and you know your assets or transaction is safe in kucoin then its fine, but of course we need to be more wary and cautious now because no matter how trusted and safe a platform from outside we never know what might happen internally taht could affect our assets.

[Dailyscript]

What I see about this Kucoin indictment case has been discussed in two different threads including this thread being three.

Well I know this case a few days ago from them being complained about delayed withdrawals and then it was complained about and became FOMo on platform X with this concern Kucoin stated firmly that their exchange is fine despite the founder being scandalized.

Never put a lot of assets on an exchange that you don't have control over, unless you are day trading then go ahead and when you make a profit then it's better to withdraw it to be safe than to have something bad happen like FTX.

Not just the delay in withdrawal. It was hard to get OTP confirmation from SMS and email. That alone triggered fear in the mind of the exchange users . Am not surprised this is one of those little issue these exchanges find every short period of time. Underground work trying to take them off their fit on the exchange industry. However with time they will get everything sorted out.

As for now, the OTP confirmations are working properly. I have tested it today and everything seems to be fine. Although many users have left eh exchange and move their funds to another CEX. Which is not a bad idea but millions are still trading and using the exchange which is a good thing for the team.

[Strongkored]

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

Those who are surprised by news like this are definitely new people in the crypto world because those who have been in cryptocurrency for a long time understand that news or events like this will never stop appearing again in the future, and all exchanges with large trading volumes will always be targets of regulators and CEX knows that.
If you are afraid something bad will happen then withdrawing coins there is a good step but because KuCoin has been in this business for quite a long time I doubt they will collapse and leave their customers, the profits they get are already greater than the fines they have to pay so this is not a problem for them, if there is a decrease in trading volume there, it is normal because of the panic and precautionary steps taken by traders, but it will slowly recover.
but we must always remember that storing coins on an exchange will always be risky, no matter how trustworthy an exchange is, it is still not recommended to store our coins there.

[batang_bitcoin]

Never put a lot of assets on an exchange that you don't have control over, unless you are day trading then go ahead and when you make a profit then it's better to withdraw it to be safe than to have something bad happen like FTX.

All exchange, we don't have control over our assets there as we give them the custody over ours. It's true that if you're a day trader then it's fine to get them covered there but if you're going to keep them as is there, it's best for you to just simply withdraw them and have the custody towards those assets of yours. It's not a good idea to keep it there when issues like this pop out of nowhere as if it can happen to most of them.

[Webetcoins]

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.

As on what is said above, this occurrence is only normal in this space, so yeah, they might survive this and still retain their reputation or the trust of the people because if we look at other big exchanges like Binance, they are still strong and might be stronger than ever because they already prove that they can withstand a lot of battles, legal or not and no matter how small or big it was and people are impressed with that.

I see that you immediately recommend Bitget there but, this exchange again? How many times I will see this being recommended in the comments/reply if not in the actual thread. I know this is only a shill and makes them untrustworthy.

[Oneandpure]

Have been one week issues with Kucoin exchange but its seems not serious problem after SEC Commission investigate Kucoin's owner have problem with money laundering, based on I heard first problem because US citizen created Kucoin exchange account are not allowed based on term of service and SEC Commission make investigating.
likely Kuocin keep secure until right now after one week this issues happing how market keep operation well without get problem, for trusted exchange keep friendly for the user and Kucoin never restrict the withdrawal user fund after first time SEC Commission announce with their investigating, now Kucoin keep safety without problem for deposit and withdrawing fund.

[OcTradism]

There was massive outflow of coins such as Bitcoin, Ethereum and USDT from the exchange and this signify that people withdraw their money from the exchange as soon as they heard the news. They fear kucoin exchange will be facing a lot of criticism from court hearing henceforth and it's possible for them not to travel to US anymore just to avoid the faith of CZ from happening to them.

These movements of cryptocurrencies from Kucoin customers out of Kucoin exchange are expected. They need to act fast to defend their own capital and avoid black swan event like FTX exchange.

It is too early to say what will continue with Kucoin, will the exchange go through this regulatory news and outflow wave well or will collapse. If they have good customer fund management, they will not have problems like FTX exchange and they will recover like Binance.

After some months, if Kucoin handle customer withdrawals well and regulatory issues well, customers will return to Kucoin like how they did with Binance.

Centralized cryptocurrency exchanges market share
Coingecko 2023 Annual Crypto Industry Report.
Binance’s market share rebounds post-$4.3B US settlement deal

[justdimin]

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?

Legal problems will keep on going with exchanges, these are not companies that are unattached to anywhere, they are companies that are seeing things and should be important in the end as well.

I personally believe that we are going to end up with a lot more exchanges with this kind of problem, it won't be too uncommon because all the exchanges in the world (except decentralized ones) are usually companies, which are based in nations and those nations have laws and they could always get in trouble with those laws. This is why we should be careful with what we do and we shouldn't really change anything that we have, I believe that decentralized exchanges are great, but they are not enough, not to me anyway, and not now.

[Marvell1]

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?

Legal problems will keep on going with exchanges, these are not companies that are unattached to anywhere, they are companies that are seeing things and should be important in the end as well.

I personally believe that we are going to end up with a lot more exchanges with this kind of problem, it won't be too uncommon because all the exchanges in the world (except decentralized ones) are usually companies, which are based in nations and those nations have laws and they could always get in trouble with those laws. This is why we should be careful with what we do and we shouldn't really change anything that we have, I believe that decentralized exchanges are great, but they are not enough, not to me anyway, and not now.

Decentralized exchanges can also be forced to shut down by the government whenever they want, but that has not happened yet because the trading volume on centralized exchanges is negligible and not worth the care about. The recent scandal surrounding the centralized exchange with the US government, other than the reason of wanting to manage and collect taxes, I cannot find any more reasonable reason. The US government wants to show off its power and assert that no one will escape their control.
I bet you, if one day DEX has a large trading volume like CEX, they will not be able to avoid the pursuit of the US government.

[Adbitco]

But please I hate when this problem is so big. Please I dont want the FtX 2.0 here

Moving out funds from exchange is natural especially when you seems to be losing trust and comparing to what happened in FTX, immediately traders gets any negative news about exchange you would see them moving out their funds with immediate effects. Just for example of what is happening to Binance Nigeria, lots of traders where moving out their and converting their Naira to usdt and BTC and moving it out from the exchange to secure their funds without knowing what next action Binance will take towards their case over the two detained official of their exchange. For more details you can read here.