After rumors began about its insolvency, the trading platform witnessed uncharacteristically high withdrawals, but soon the situation stabilized, Lyu said.
KuCoin CEO Sees India Emerging as Key Market, Denies Being in Stress
While many top-tier crypto exchanges have given up on India given the regulatory uncertainty and bear market, KuCoin CEO Johnny Lyu is bullish on the local market for the long run. In a recent interview, he talked about “a welcoming market” and the availability of “expertise” as the two key reasons for his optimism for the Indian cryptocurrency landscape.“No matter what the present situation is, as a trading platform which is about to be 5 years old, we’re looking for the future.
Also, Lyu thinks the introduction of tax deduction at source on crypto transactions by the Indian government is a move towards regulating the digital asset space.KuCoin also faced speculations on social media that it might go insolvent – the way Celsius and 3AC, for example, have gone. After the rumors began on July 2, KuCoin witnessed high levels of withdrawals, Lyu admitted.that the KuCoin CEO denied that the exchange was going insolvent.
“The accountability mechanism within the Web 2.0 period isn’t mature enough and the costs of spreading rumors is very low,” he said, adding that traceability of rumors and due punishment for such acts will increase in the Web 3.0 environment.
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