August 20, 2018

KuCoin’s Hong Kong Office — Is It A Facade Or Something More?

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On Friday, the cryptocurrency group was fulfilled with a Medium short article that puzzled quite a few, speedily soaring the ranks to the top rated of the crypto Twitter surroundings, as it claimed that KuCoin’s Hong Kong workplace was a sham.

“But why did an short article obtain these types of steam?” You may well be inquiring.

Well, in accordance to Jackson Wong, the author of explained short article, KuCoin’s Hong Kong workplace was nothing at all but a shell, advising people to be careful although employing the popular Asian cryptocurrency trade. Though some were being brief to shoot down this non-sensical FUD (concern, uncertainty, and question), as they noticed it, Wong backed up his claims with evidence and pictures of the location which KuCoin propagated as its Hong Kong location.

To start with, the author highlighted former information he had collected on KuCoin, specifically that the trade was not operating out of Hong Kong as conflicting information built it seem. Reportedly, KuCoin touts that it is “home-grown” in Hong Kong, so the fact that nearby contacts Wong realized had hardly ever heard or uttered KuCoin was suspicious at the bare bare minimum and damning at the worst.

At some point, his curiosity got the superior of him, major him to seek out the registered workplace of the trade.

As he arrived at the address stamped on authorized paperwork, he observed that anything was amok. Immediately not observing any signals of KuCoin, Wong checked the listing, that must be existing on any respectable workplace building. To his shock, there was nothing at all of interest on the board, with no Chinese or English characters indicating that the building (or any businesses existing) had any affiliation with KuCoin. Though some would forged this off as a blunder, the skeptic went up to the floor exactly where KuCoin’s functions must be residing, but yet again, nothing at all.

In its location was a enterprise referred to as Clever Crew Secretarial. Striving to get to the bottom of this situation, the author turned investigator rung the bell at the door of this agency. Though Clever Crew personnel weren’t there, a consultant from one more enterprise answered the door, stating that she had hardly ever heard of KuCoin or any cryptocurrency enterprise in the workplace building.

Remaining skeptical, the author wrote:

So exactly where the heck is KuCoin? WOW. So it is crystal clear now, men. KuCoin has hardly ever been there and they lied to us the entire time. Wow, truly? Wtf men.

Concluding his short article, the KuCoin critic bashed the trade, issuing the next impassioned statement:

I really do not have confidence in their trade at all. They are just as well shady. They told us that they have an workplace in Hong Kong. But that is all a lie. No one’s even there! It is completely empty. And most importantly, they really do not even have a Hong Kong licence to offer in cryptocurrencies… I really do not know what to recommend. I just want all of you to be extremely careful when you decide to deposit revenue into this trade.

Group Backlash And A Warranted Response

Following the release of the obvious exposé, the official KuCoin Twitter account came beneath hearth from people, resulting in the social media system proscribing the web site. As a outcome of this widespread backlash, KuCoin responded in the vicinity of straight away, issuing a small, but sweet statement highlighting why the Hong Kong “office” was not there.

According to the statement from the KuCoin trade, the Hong Kong workplace is empty, but it nonetheless used as a mailing address of a single of the firm’s subsidiary firms. The statement afterwards mentioned that its HQ is in Singapore, and is supported by other workplaces in the Philippines, Thailand, and China.

So, for now, this clarification has seemingly put a cap on this situation, as it would seem that KuCoin is carrying out its finest to act with great intentions, but neglected to enable its people know the condition of its workplace situation previously.

Photo by SHUJA ZED on Unsplash