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.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
We're adding to 2 stocks that had strong earnings but saw tepid market reactionsThe companies are also in two sectors that we think are right for this rough market: oil and health care.
Read more »
Head of African Regional Central Bank Calls for Creation of Digital Currency – Emerging Markets Bitcoin NewsHerve Ndoba's envisioned digital currency will ostensibly help modernize the region’s payment structure and to promote financial inclusion. financialinclusion cryptocurrency digitalcurrency
Read more »
Axie Infinity (AXS) Rallies for 10% Following Rise of GameFi IndustryOne of biggest GameFi tokens on market saw massive 50% gain in last 7 days and was not yet ready to stop
Read more »
Is 2022 Crypto Market Worse Than 2018?On today's CoinMarketCap episode we take a look at the differences during the 2018 bear market and the current market drawdown.0:00 - 2018 Bear Market and 20...
Read more »
Treasure Hunting for Pre-Loved Collectibles is the Latest Craze for the Fashion Conscious on a BudgetThe revolving closet of branded designer items opens up refreshing wardrobe options for affluent swanky young professionals, fashion connoisseurs and the new
Read more »
Burberry Digs Deeper Into the U.S., Opening at Bal Harbour in MiamiThe new store, designed by the Italian architect Vincenzo De Cotiis, stocks womenswear and accessories, and is part of an aggressive drive by Burberry to push deeper into the U.S. market.
Read more »