What's happening to kucoin?

[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.

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[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.