What's happening to kucoin? - page 2.

goaldigger

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Quote from: Denamen on March 31, 2024, 08:27:17 AM

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.

HuckelFinn

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Quote from: xandriel on March 30, 2024, 11:30:27 AM

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.

Denamen

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Chainjoes.com

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.

boyptc

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★Bitvest.io★ Play Plinko or Invest!

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.

dansus021

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Part of AOBT - English Translator to Indonesia

Quote from: Beparanf on March 29, 2024, 12:34:46 PM

Quote from: dansus021 on March 29, 2024, 12:28:02 PM

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

Natsuu

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Quote from: bettercrypto on March 29, 2024, 11:00:41 AM

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.

Iamcrypticguy

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Navigating the Crypto world & Holding BGB Along..

Quote from: Jascrypt on March 30, 2024, 05:56:58 AM

Quote from: Bournesparks on March 30, 2024, 01:48:16 AM

Quote from: 2Pizza410000BTC on March 29, 2024, 12:42:43 PM

Quote from: Iamcrypticguy on March 29, 2024, 08:07:51 AM

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.

adaseb

legendary

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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.

tvplus006

legendary

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To the Moon

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.

Cryptomultiplier

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Eloncoin.org - Mars, here we come!

Quote from: 2Pizza410000BTC on March 29, 2024, 12:42:43 PM

Quote from: Iamcrypticguy on March 29, 2024, 08:07:51 AM

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.

Huppercase

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Quote from: Iamcrypticguy on March 29, 2024, 08:07:51 AM

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.

Quote from: Oshosondy on March 29, 2024, 08:20:12 AM

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.

xandriel

sr. member

Activity: 586

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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.

Mr. Magkaisa

sr. member

Activity: 728

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Quote from: Bushdark on March 29, 2024, 12:55:04 PM

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.

kentrolla

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Eloncoin.org - Mars, here we come!

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.

Husires

legendary

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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

Bureau

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Eloncoin.org - Mars, here we come!

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.

Jascrypt

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Quote from: Bournesparks on March 30, 2024, 01:48:16 AM

Quote from: 2Pizza410000BTC on March 29, 2024, 12:42:43 PM

Quote from: Iamcrypticguy on March 29, 2024, 08:07:51 AM

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.

bettercrypto

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★Bitvest.io★ Play Plinko or Invest!

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.

slaman29

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Livecasino, 20% cashback, no fuss payouts.

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 Wink

tbct_mt2

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Quote from: Iamcrypticguy on March 29, 2024, 08:07:51 AM

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?

Topic: What's happening to kucoin? - page 2. (Read 496 times)