KuCoin Disables Bitcoin Private Withdrawals

KuCoin exchange temporarily disabled Bitcoin Private withdrawals due to some technical issues with BTCP wallets
11 April 2018   904

Half an hour ago KuCoin cryptocurrency exchange has issued the Bitcoin Private Withdrawals Report stating that the exchange faced some technical issues with Bitcoin Private wallets after reopening the withdrawal system today. Given these unforeseen problems, KuCoin informed the users that they won’t be able to withdraw their funds at this time.

KuCoin BTCP Withdrawals UpdateKuCoin BTCP Withdrawals Update

The technicians at KuCoin are now looking at the wallet problems, and should resolve the issue as soon as possible. The exchange reported that it should make sure that the wallet system is working correctly before allowing users to complete the transactions.

KuCoin crypto exchange apologized for inconveniences caused, and promised to release a new update as soon as it can guarantee that all users can withdraw their funds without encountering technical issues.

Journalist Couldn't Find KuCoin's Office at Hong Kong

Company said in response that it's just a mailing address and the company is operated from office in Singapore
13 August 2018   234

Independent journalist Jackson Won suspected the KuCoin currency exchange in a fraud. After the investigation, he did not find the company's Hong Kong headquarters at the registered address.

Having visited the office at the address specified in the register of Hong Kong companies, Jackson found only the companies Rich Moral CPA and Smart Team International Consultants in the Kyu Fu commercial center. The latter is indirectly linked with KuCoin due to cooperation with a partner of the company Smart Team Secretarial.

Employee of Rich Moral CPA told the journalist that the Smart Team left the premises several years ago. She also stated that during her time she had not heard anything about crypto-currency companies, including KuCoin, and their possible location in the building.

If they have really been in Hong Kong, the Securities and Futures Commission of Hong Kong (SFC) would already have taken a move on them and suspended their trading activities since they do not have a licence here in Hong Kong. See this SFC notice for reference.
 

Jackson Won

Journalist

The journalist suggested that KuCoin employees work either from Sichuan in China or remotely at home in Hong Kong. But the latter option, in his opinion, is unlikely, since representatives of KuCoin do not have Hong Kong ID cards or passports.

If KuCoin is really situated in Hong Kong, they wouldn’t have been able to escape the radar. We would at least have seen some news report or promotion about this exchange whatsoever. But KuCoin has been very shady, and we have never seen them on a single piece of news. When we decided to look up their company search records previously, it already looked very fishy as none of their directors have Hong Kong names nor do any one of them reside in Hong Kong. For Chinese nationals to live in Hong Kong, they actually need either a working visa or to apply for a citizenship of Hong Kong. It’s not like they can just come and go when their registered residential address is in Sichuan of China. (Yes, Hong Kong has its own border too.)
 

Jackson Won

Journalist

He also noted that inside the crypto community of Hong Kong doesn't discuss the exchange, and in the news sources there are no advertising of campaigns platform.

Won said that the above arguments may indicate future machinations from KuCoin, for example, the closure of the exchange with the freezing of customer funds.

In turn, the KuCoin team published a response to the article by Jackson Vaughn.

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 Team

This information is confirmed by a statement on the KuCoin blog of April 12, 2018, in which the company introduces the members of the team to the main office in Singapore and shares plans for business development.