Is KuCoin Safe to Use?
I was chatting in Discord today rather than creating content for Steemit. This seems to be a frequent problem lately. But an article posted by someone raised some concerns about the cryptocurrency exchange - KuCoin.
Source
KuCoin lists their address as being in Hong Kong, which makes them appear to be exempt from China's crack down on Cryptocurrencies. The problem is that the address listed by KuCoin appears to simply be a virtual mail box, rather than the address of a bricks and mortar business.
So it would seem that KuCoin has no real presence in Hong Kong. The article then states that KuCoin are hiring staff in Sichuan, China. So appear to be operating their exchange out of China. If this is the case, then it places them in the firing line of China's crackdown on cryptocurrency websites and domestic exchanges.
Even more concerning, however, is that the author of this article actually visited the office in Hong Kong that KuCoin has listed as their address. The employees that the author spoke with in the office are working for a different company that isn't affiliated with KuCoin, and had never heard of the exchange.
The registered office location
KuCoin is registered under a secretarial company called Smart Team Secretarial Ltd who once operated out of this office, however the employees of this office stated that this company had moved out years ago.
So what does all of this mean?
My main concern is that KuCoin are operating from an unknown location and are potentially operating out of China, which puts them at risk of China's current crack down on cryptocurrency trading, websites and exchanges. It would also meant that KuCoin could quite simply shut up shop and keep all coins sitting in the wallets on their exchange, and fear no repercussions as a result. If no one knows who they are or where they operate from, there's no risk of being found and held accountable.
But a quick search on KuCoin's website leads you to this announcement:
"Dear KuCoin Users,There have been rumors that KuCoin’s central office in Hong Kong is empty. In fact, KuCoin’s public address in Hong Kong is merely a mailing address of one of KuCoin’s many subsidiary companies. KuCoin Headquarters is in Singapore. KuCoin has always been a global firm, with over 300 employees and four major offices in China, the Philippines, Singapore, and Thailand.
KuCoin has been growing at an incredible speed and will be growing even faster in future. We are grateful for all of the support from our community and stay tuned for some incredible news which we will release soon.
Thanks for your support!The KuCoin Team"
Posted from my blog with SteemPress : https://cryptonbrews.xopus.io/2018/08/12/is-kucoin-safe-to-use/
I have only Steem and that's converted to sp over here...
So no worries about other coins :)
That's definitely a safe approach, but also means all your eggs are in one basket. :)
Haha...yeah...waiting for the prices to drop more :)
Only the Kucoin shares for having the daily passive income.
The same issue applies to the ONO situation , isn't it completely China driven?
It sure is. I haven’t checked for a while but I don’t think ONOT is listed on any exchanges. Not sure what I’ll be doing with my 1000 ONOT, if anything.
even India is into suppressing crypto exchanges but I have seen a bunch of P2P exchanges pop up real fast over there , innovation , I guess...
Interesting to know. The only thing I have in there though is some Kucoin for the passive income and the assortment of other coins I receive from that. Knowing this this now, I probably won't ever be sending much else over there unless it's going to be a quick trade for a coin I can't get anywhere else. Thanks for the heads up.
No problem. That’s probably the best approach for any exchange to be honest.
I diversified my portfolio and lost. The only thing going ok is Steem
What did you invest in? There's plenty of good stuff out there, you just have to do some solid research.
Ripple, XVG, Ethereum, Steem, few other shit coins that went no where :(
What do you mean? You do know a dip in the market is quite likely to be temporary right?
They have never exceeded what I bought them at :(
Oh ok. That has nothing to do with KuCoin though. Just the timing of the market. If those are the coins you purchased then it’s quite possible you’ll regain the loss again. Just hang tight while the market does its thing.
Steem is the only consistent coin
Steem is reasonably stable. I prefer Bitcoin for stability though. Percentage wise it fluctuate less than most other coins.
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This is all FUD.
Kucoin is a safe exchange, I have never had any issues with it. They have great support, liquidity and frequent bonuses.
Sign up using this link to get a referral bonus! https://www.kucoin.com/#/?r=8461Pf
If you read to the bottom of my post you’ll see that I highlight KuKoin’s announcement where they address the accusations.
I still wouldn’t leave my money on any exchange though.
To the question in your title, my Magic 8-Ball says:
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