What's happening to kucoin?

[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.

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[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.

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[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.