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. 
Topic: What's happening to kucoin? (Read 496 times)
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.Does anyone know more about this? What implications could this have on the CEX, especially now that they're targeted in the US?
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.
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.Does anyone know more about this? What implications could this have on the CEX, especially now that they're targeted in the US?
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.
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
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.
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.
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?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.
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. 
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. 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
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.
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.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.
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.
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. 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.
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.Does anyone know more about this? What implications could this have on the CEX, especially now that they're targeted in the US?
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.
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.
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.
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.
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.
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?
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.
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.
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.
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.I believe this is just the beginning, I hope KuCoin won't be guilty of the accusation.
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? 
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.
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.
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. 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
I believe this is just the beginning, I hope KuCoin won't be guilty of the accusation.
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.
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.
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.
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.
Jump to: