In an ongoing Medium post by Hong Kong free columnist Jackson Wong, the unwavering quality and security of KuCoin as a crypto trade was raised doubt about. In the report, titled "Cautioning: KuCoin's Hong Kong office is vacant. Be to a great degree wary about storing cash into this trade," the columnist communicated his worries that prevalent crypto trade KuCoin could be pulling a leave trick as their Hong Kong workplaces are unfilled.
Long Held Suspicious In regards to KuCoin
Wong started his report by recapping his past worries about the KuCoin trade, examining that he dreaded they would progress toward becoming illiquid amid the following crypto crackdown by the Chinese government. He asserted that the trade evidently survived the "hit" by remaining under the radar.
Wong at that point went ahead to talk about that he feels that KuCoin has dependably been suspicious on the grounds that it was home-developed in Hong Kong. Wong asserted that inside the Hong Kong people group he has never known about the trade, and that on the off chance that they were ever based there that the Securities and Prospects Commission of Hong Kong (SFC) would have officially taken activities to suspend exchanging on the trade.
Notwithstanding the way that the trade has obviously stayed away from oppression by administrative organizations, Wong included that he has never observed any nearby news reports or advancements about the trade in Hong Kong. He additionally raised doubt about the KuCoin group, saying that "none of their executives have Hong Kong names nor do any of them live in Hong Kong," and that "For Chinese nationals to live in Hong Kong, they really require either a working visa or to apply for a citizenship of Hong Kong."
Wong Visited the Purported KuCoin Workplaces
Now, the cases against the Hong Kong based trade must be characterized as episodic, so Wong visited the enrolled address of the KuCoin base camp, which recorded the organization as being situated in workplaces in the Kiu Fu Business Expanding on the twentieth floor.
When taking a gander at the catalog leading body of the building, the main workplaces situated on the twentieth floor is an organization called "Rich Good CPA" and "Keen Group Global Advisors." Wong stresses that he didn't see KuCoin recorded anyplace on the index board. Wong additionally essentially noticed that KuCoin used to be recorded under a secretarial organization called Keen Group Secretarial Ltd, which is firmly identified with "Savvy Group Worldwide Advisors," so he rang the workplace ringer planning to get a reaction from a KuCoin delegate.
Wong asserted that an agent from Rich Good CPA addressed and educated him that the Brilliant Group moved out of the workplaces years back, regardless of the rest of the signage. Wong likewise reports that the delegate from Rich Good CPA said that notwithstanding when the Keen Group was there, that she never knew about KuCoin trade or anything crypto related.
Where is KuCoin Running Their Tasks From?
Wong finished up his investigative report with a few hypotheses about where KuCoin is running their activity from, saying:
"I presume they are either working back in Sichuan of China, as the past post have specified, or they are working some place remotely at home in Hong Kong? In any case, that can't be correct, isn't that so? It's a gigantic trade and they are just working at home… Well, we should make a stride back. Perhaps they have an office somewhere else in Hong Kong? In any case, truly, I don't trust that can be the situation, as we realize that they don't have Hong Kong ID cards or international IDs. They can't simply enter Hong Kong as they wish… Chinese nationals can't simply come in and out without an allow."
The dangers of putting cash on a trade without an irrefutable central command is that if the trade were to leave trick its customers by withholding pulls back or by closing down the trade haphazardly, there would be no plan of action. Clients would not have the capacity to go to state controllers to recover their assets on the grounds that the trade representatives could be anyplace on the planet.
Wong shuts his report by notice financial specialists to dodge the trade until the point when it turns out to be more straightforward, saying:
"They are simply excessively shady. They disclosed to us that they have an office in Hong Kong. Yet, that is every one of the a lie. Nobody's even there! It's totally vacant. What's more, above all, they don't have a Hong Kong permit to bargain in digital forms of money."