KuCoin Reduces Minimum Withdrawal Amount

KuCoin announced that the minimum withdrawal amount for VEN token has been reduced at the users request
12 April 2018   1123

On April 12 KuCoin cryptocurrency exchange announced that the minimum withdrawal amount for a very popular VeChain token has been reduced from 50 down to 10. That was done because of multiple requests of users who were asking for the minimum amount to be reduced in order to make the trading on the platform more convenient.

VeChain withdrawals from KuCoinVeChain withdrawals from KuCoin

Judging by the users' reaction to the announcement on Twitter, the news was not really welcomed warmly by the community, as a lot of people were excpecting also the withdrawal fee to be reduced. Previously, we have reported that KuCoin exchange temporarily disabled Bitcoin Private withdrawals due to some technical issues with BTCP wallets.

At the moment of press, these are main market parameters of VeChain:

  • Average Price: $3,16
  • Market Cap: $1 659 025 218
  • 24h Vol: $84 745 600

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   363

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.