After the launch of the cryptocurrency and blockchain as a decentralized platform, many people sought to get their hands on this unique asset as cryptocurrency had that spark in it to drive the global economics to the new horizons and help countries other than the United States of America make history and be called as the country that bested the technology of even the United States of America.
After the launch of Bitcoin (BTC) in 2009, the next problem was that how could the people mining and buying the coins/tokens can store them somewhere safe and another big question was if the cryptocurrencies could be bought, sold, or traded just like Dollars and Pounds. These questions were answered with the development of cryptocurrency exchanges that made the lives of the users easier by providing storage where they could save their coins. Another benefit that the cryptocurrency exchanges offered was access to international markets where the users could perform their buy/sell/trade activities with high chances of making profits.
Since then, there have been a lot of operational crypto-exchanges and there are those (such as Binance) that are currently ruling the cryptocurrency exchange industry. However, from time to time, exchanges emerge that are troubled, flawed, and highly unregulated even by their developers. Worst of all, the developers of these exchanges do not even bother clarifying the confusion and controversies spread against them.
One such example is KuCoin that has been in the news since April 2020 after its domain got banned following a legal case for which the officials of KuCoin were summoned at the High Court of Singapore.
The reason for the summoning is because it was recently reported that $150 million went missing from the exchange overnight and the exchange officials stated that it happened because of a “security incident” and seemed unwilling to answer any more questions. In March 2020, there were possibilities of KuCoin facing a class-action lawsuit alleging that KuCoin was involved in sharing unclear information with their holders. There was another lawsuit that KuCoin faced where they were alleged to have been offering unlicensed securities in New York’s Southern District.
Just a few days before this news started floating all over the internet, KuCoin made an announcement that they were in the process of corporate restricting, which included a new trademark and the appointing of a new director who was never once discussed in the past. Another very concerning thing is the headquarters of the cryptocurrency exchange as no one currently knows about its whereabouts. However, it was recently revealed that their headquarters had recently been moved from Hong Kong to Singapore.