Why Crypto Market Hits a New Low. Exchanges Have Problems
An Independent Hong Long journalist believes that KuCoin platform is about to be closed and Japanese government is going to implement new stricter regulations for platform trading digital money. Market capitalization went down to $206 billion last Saturday. Last time it was that low on November 14, 2017. Bitcoin train price reached $6100 and alt coins lost even more that’s why market share of the most popular cryptocurrency is 51% at press time.
At the same time, Japanese financial regulator published the results of its monitoring of local exchanges. Platforms security system can’t cope with new technology and a lot of companies have problems with business models and don’t meet anti money laundering requirements. thus, the requirement will become even stricter.
An independent journalist Jackson Wang decided to check whether or not KuCoin exchange is actually located in Hong Kong as its representatives state. He posted his investigation saying that platform might be closed soon and its managers would run away with the money.
Wang went to the address listed as the primary location of the office and turned out the exchange was not there. He noted that he had never seen company’s advertisements or any other information about it and he believes that KuCoin might be closed or it might be under Chinese authorities investigation.
KuCoin representatives posted on Reddit that Hong Kong public exchange address is only a PO box and the head quarter is located in Singapore.