Launched in September 2017 in Singapore, KuCoin is a Hong Kong-based centralized cryptocurrency exchange, founded by Michael Gan and a team of cryptocurrency enthusiasts. It is worth noting that the team behind the project has a solid experience, including Gan’s background in working for Ant Financial of Alibaba Group, MikeCRM, KF5.COM and the team members’ management positions at companies like iBOX PAY, Sichuan Qianyuan Investment Co Ltd., Jianbang Communication, YOULIN.CO, and others.
The team started researching the blockchain technology in 2011 and built the platform’s infrastructure in 2013. However, the period to 2017 was dedicated to tests and bug fixing. Once KuCoin went live in 2017, it started to gain popularity from day one and, since then, has managed to successfully penetrate several markets such as UK, US, Canada, Australia, Japan, India, and others.
Like many of the other exchanges, KuCoin has its own token, named KuCoin Shares (KCS). Holding KCS in your portfolio allows you to receive discounts while trading and dividends from the trading fees, collected on the platform.
When it comes to security, KuCoin’s team states that they employ safety measures on a systematic and operational level. The exchange is said to operate via bank-level security standards, including common transfer encryption protocols for storing users’ data and multifactor dynamic authentication. According to KuCoin’s information, they have established also a dedicated internal risk control department. How effective all this is, still remains to be seen as, at the time of this writing, the exchange is still in its infancy and hadn’t reported being a subject of any severe security attacks.
Referring to itself as “The People’s Exchange”, KuCoin does not lack admirers. You will find plenty of positive reviews, pointing out how the exchange is poised to become the best in the world, top all charts or how you should hurry up to create your account before it stops accepting new customers. The reason for all this hype is KuCoin’s referral program. Things get quite different if you head to Reddit or Trustpilot where you will find plenty of negative reviews or reported user issues that remain unaddressed.
However, when it comes to communication with its clients, KuCoin maintains lots of different channels – from social media (Facebook, Twitter, and Instagram), through Telegram, to LinkedIn and Reddit. Each of the abovementioned channels is available in a variety of languages, such as English, Turkish, Spanish, Russian, Italian, Vietnamese, Hindi, and more.
Although, as of the time of this writing, KuCoin hasn’t experienced any major security problems, it had to deal with some reputation issues. At the start of 2019, KuCoin was accused of requesting significant sums from projects at risk of having their tokens delisted from the exchange. The collected money was intended to pump the trading volumes and boost liquidity for the respective tokens. KuCoin’s representatives denied the information, describing it as communication that may have come “from fake or rogue employees”.
It is worth noting, however, that KuCoin reacted in a timely manner when the New Zealand exchange Cryptopia was hacked, and there was the risk for hackers to transfer the stolen funds to KuCoin. Michael Gan, CEO of KuCoin, came out and revealed that any stolen funds that are transferred to KuCoin from Cryptopia would be frozen.Read More