KuCoin is one of the largest cryptocurrency exchanges in the world. It ranks with Binance, Coinbase, Bittrex, Bitfinex, and UPbit, as the most critical to the cryptocurrency universe. KuCoin has now drawn some scary comparisons in the minds of many investors to Mt. Gox. The Japanese exchange, Mt. Gox, is the failed once largest Bitcoin exchange.
KuCoin is the only major digital assets’ exchange that runs its operations discreetly and covertly. It keeps its headquarters a secret. In the world of cryptocurrencies, this is not the best way to instill confidence in your traders.
This week, cryptocurrency journalist and researcher Jackson Wong revealed some disturbing news on KuCoin. The firm is supposed to be headquartered in Hong Kong, in Wan Chai at 300 Lockhart Road, within the Kui Fu Commercial Building.
Their specific location is supposed to be on the 20th floor in an office Smart Team International Consultants Limited leases. This is where they are based per the company’s platform.
All does not appear to be what it seems. Wong decided to investigate the matter personally with suspicions constantly swirling that something is wrong. He made a trip out to the Kiu Fu Commercial Building in Wan Chai, Hong Kong. He rode up to the 20th floor to confirm that it is still the KuCoin headquarters. When Wong asked for the Smart Team International Consultants team, he learned this group left years ago.
This raised red flags for Wong. It would not be the first time a Cryptocurrency exchange made a quick exit with its customers’ BTC. It conjured up images of Mt. Gox. Wong further questioned the floor’s employees about the existence of KuCoin digital assets exchange. Several of them had been on that floor of the building for a few years. Not one had heard of KuCoin.
Is KuCoin Hiding Something?
KuCoin may have honest reasons for misleading its investors on where they are based. The company immediately released a statement that they are based in Singapore in anonymous offices. They claimed the Hong Kong office is a convenient mailing address for their global company of 300 employees. They insist that the firm operates four significant offices in China, Singapore, Thailand, and the Philippines.
Yet clearly the public has reasons to be concerned about this ambiguity of business operations. Caveat emptor — Let the buyer beware.