Nigeria-based KuCoin users will begin being levied a 7.5% value-added tax (VAT) on transaction fees starting on July 8. Some observers believe that Kucoin’s decision to implement this tax is intended to enhance its chances of securing an operating license. A Lagos-based crypto industry player stated that implementing the tax will likely harm the industry. […]
Bitcoin News
Cryptocurrency Exchange Kucoin Suspends P2P Services for Nigerian Naira
Kucoin, a global cryptocurrency exchange platform, announced on May 15 that it has temporarily suspended its peer-to-peer (P2P) services for the Nigerian naira, as well as the Fast Buy service via naira cards. The crypto exchange stated that during this period, it will focus on ensuring compliance and creating a more robust and secure environment […]
Bitcoin News
India Approves Crypto Exchanges Binance and Kucoin as Registered Virtual Asset Service Providers
Cryptocurrency exchanges Binance and Kucoin have successfully registered with India’s Financial Intelligence Unit as Virtual Asset Service Providers (VASPs), a top official has reportedly confirmed. Both crypto exchanges were previously banned in India due to violations of the country’s anti-money laundering regulations. Kucoin and Binance Registered With FIU India The Financial Intelligence Unit – India […]
Bitcoin News
CFTC Takes Legal Action Against Kucoin, Highlights BTC, ETH, and LTC as Commodities
The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Kucoin, emphasizing the classification of bitcoin, ethereum, and litecoin as commodities. The enforcement action, launched in the U.S. District Court for the Southern District of New York, accuses Kucoin of multiple regulatory breaches involving these digital assets. Kucoin’s Legal Battles Shine a Bright […]
Bitcoin News
Nansen Reports $200 Million Exodus From Kucoin After DOJ Action
Following the Department of Justice’s (DOJ) legal action against Kucoin and its founders, analysts from Nansen specializing in real-time onchain data revealed that Kucoin experienced a withdrawal of million in Ethereum-based assets and 9 million in outflows from various EVM-compatible chains. Ethereum and EVM Chains See 0 Million Outflow From Kucoin On a Tuesday, […]
Bitcoin News
Crypto Exchange Kucoin and Founders Charged With Bank Secrecy Act and Money Laundering Violations
The Southern District of New York has announced charges against the global cryptocurrency exchange Kucoin and its founders for major violations of U.S. anti-money laundering laws. Kucoin Faces Legal Firestorm for Alleged Anti-Money Laundering Failures Damian Williams, the United States Attorney for the Southern District of New York, detailed the charges against Kucoin, accusing the […]
Bitcoin News
New York AG Secures $22 Million Settlement From Kucoin for Unregistered Trading Activities
In a recent legal development, New York Attorney General Letitia James has successfully obtained over million from Kucoin, a well known crypto trading platform. This settlement arises from Kucoin’s alleged failure to register as a securities and commodities broker-dealer and its misrepresentation as a crypto exchange.
New York AG Clinches Settlement From Kucoin Over Registration Lapses
On Tuesday, the consent order applied by James mandates that Kucoin refund over 150,000 New York investors more than .7 million and pay an additional .3 million to the state. Attorney General James emphasized the reported risks associated with unregistered offshore crypto platforms to investors, consumers, and the broader economy.
She stated, “Crypto companies should understand that they must play by the same rules as other financial institutions, and my office will hold them accountable when they don’t. This settlement will ensure every New Yorker who put their money into Kucoin can get it back and that Kucoin won’t be able to put other New York investors at risk.”
James added:
I will continue to take action against any company that brazenly disregards the law and jeopardizes New Yorkers’ savings and investments.
Kucoin, an exchange based in Seychelles, allows the buying and selling of cryptocurrencies through its website and mobile app. Despite its global operations, Kucoin neglected to register with the state of New York as required by law for securities and commodities brokers. This omission has significant legal implications, particularly as Kucoin engaged in trading crypto assets that are considered commodities and securities under New York law.
Kucoin’s failure to adhere to regulatory standards extended to falsely claiming to be a registered exchange. James disclosed that such a misrepresentation is not taken lightly under New York law, which mandates registration with the Securities and Exchange Commission (SEC) for national securities exchanges and designation by the Commodity Futures Trading Commission (CFTC).
As part of the settlement, Kucoin is mandated to provide full refunds, amounting to over .7 million, to approximately 177,800 affected New York investors. This process involves direct withdrawal options from Kucoin for the next 90 days, followed by a claim filing system for eligible investors.
“In addition, Kucoin must take steps to prevent New Yorkers from accessing their platform and is prohibited from creating any new accounts for New York customers,” the press release noted.
What do you think about the settlement between the New York AG and Kucoin? Let us know what you think in the comments section below.
Kucoin Partners With the TON Foundation — Avails Grant to Support TON Ecosystem
The investment arm of the crypto exchange Kucoin announced on Dec. 1 that it has joined forces with The Open Network Foundation and is set to provide a grant to support the blockchain’s ecosystem. The grant is set to be allocated to five “mini-apps” on the TON ecosystem focused on payments or boundary-pushing Gamefi initiatives.
Raising Awareness About the TON Blockchain
Kucoin Ventures, the investment arm of the cryptocurrency exchange Kucoin, has partnered with The Open Network (TON) Foundation and is set to provide a considerable grant to support the growth and expansion of the TON ecosystem. According to a press statement, Kucoin Ventures’ support is set to be allocated to five “TON-based mini-apps” focused on payments or Gamefi that push the boundaries of what’s possible in Web3.
Projects based on the TON ecosystem, such as the Future3 Campus and the TON Bootcamp, are in line to receive a portion of the grant. The grant is also expected to bolster marketing initiatives aimed at raising awareness about the TON blockchain.
Commenting on his organization’s partnership with Kucoin Ventures, the Accelerator Head at TON Foundation, Ian W, said:
“Today’s partnership with Kucoin Ventures is an acceleration point in the momentum of mini-app development on The Open Network. With powerful programs like the Future3 Campus Bootcamp and this support from Kucoin Ventures, we’re fueling real-world blockchain solutions in payments and gaming within the TON ecosystem.”
According to a statement by the TON Foundation executive, Kucoin Ventures’ efforts conform to TON’s vision of a digital future that is more accessible and decentralized.
Alicia Kao, Managing Director of Kucoin, said her organization’s alliance with TON “aligns with our mission of promoting further development of the crypto and blockchain industry through tighter cooperation.”
What are your thoughts on this story? Let us know what you think in the comments section below.
Bitcoin.com Partners With Hummingbot in VERSE/USDT Campaign on KuCoin With $15,000 in Rewards
PRESS RELEASE. October 22nd, 2023 — Bitcoin.com, a global leader in introducing newcomers to cryptocurrency, is thrilled to announce the launch of an innovative campaign aimed at enhancing liquidity and trading volumes for the VERSE/USDT trading pair on KuCoin. This strategic campaign will be executed in partnership with Hummingbot, the foremost open-source market making bot.
Structured around Hummingbot’s Liquidity Miner platform, the campaign focuses on incentivizing market makers and the Hummingbot community for their market-making services on centralized exchanges, facilitating a more decentralized market-making process. Hummingbot is used by trading firms, individual traders who run bots to earn liquidity mining rewards, and cryptocurrency projects who want to own their liquidity.
Starting on October 24, 2023, 00:00 UTC and scheduled to run for a period of 12 weeks, the campaign offers rewards aimed at encouraging participation, with a total of ,000 in Bitcoin.com’s ecosystem token VERSE to be distributed over the course of the program, equating to ,250 in VERSE per week.
Anyone with sufficient technical skills can harness Hummingbot’s open-source code to set up a bot, or bots, to support market making and earn rewards for doing so. Bitcoin.com was attracted to Hummingbot by the Hummingbot Foundation’s mission to, “democratize high-frequency trading,” a mission aligned with Bitcoin.com’s to create more economic freedom in the world.
Corbin Fraser, Head of Financial Services at Bitcoin.com, stated that, “market-making and high frequency trading have traditionally only been accessible to wealthy individuals or businesses. We’re excited to showcase Hummingbot’s ability to level the playing field, while also enhancing liquidity and trading volume of the VERSE token. VERSE, being the world’s gateway to DeFi, plays a pivotal role in facilitating greater economic freedom, allowing individuals to navigate the financial sphere with autonomy and confidence.”
About Bitcoin.com
Bitcoin.com is building products that give everyday people access to a vast world of opportunities to generate personal prosperity without limits. Since 2015, Bitcoin.com has been a global leader in introducing newcomers to cryptocurrency, featuring accessible educational materials, timely and objective news, and easy-to-use fully self-custodial products for buying, spending, trading, investing, and earning with crypto.
About Verse VERSE is the rewards and utility token for users who contribute to and participate in the Bitcoin.com ecosystem. Launched in December 2022, the VERSE token is designed to expand access to decentralized finance and help unlock the economic freedom it provides. Since launch, VERSE has experienced rapid integration into web3 platforms, as evidenced by August and September’s partnership/integration overviews.
About Hummingbot
Hummingbot, since being open-sourced in 2019, has firmly established itself as the premier open-source market-making bot, championing accessibility and inclusivity in liquidity provisions. Serving a diverse user base, from token projects and small trading firms to individual traders, Hummingbot offers a suite of tools that allow for the creation, backtesting, deployment, and management of automated trading strategies.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
KuCoin Shuts Down Bitcoin And Litecoin Mining Pools Amid Market Turmoil
KuCoin, one of the world’s largest cryptocurrency exchanges, has temporarily halted its KuCoin Pool service, effective August 15, 2023, until further notice. The move is part of KuCoin’s business strategy and aims to ensure the security and integrity of users’ assets.
KuCoin Urges Users To Backup Mining Records
During the suspension, users will retain complete access and control over their assets, and all other KuCoin offerings will remain operational as usual.
However, users who are involved in cryptocurrency mining are advised to transition their Bitcoin (BTC) and Litecoin (LTC) miners to alternative mining pools before the deadline to ensure uninterrupted earnings.
KuCoin has also advised users to back up and preserve their mining records and associated data before August 27, 2023, as failure to migrate to alternative mining pools within the specified timeline could affect their mining revenue.
Nevertheless, KuCoin Pool will not be held accountable for any potential earnings lapses resulting from users’ failure to migrate to alternative pools.
The temporary suspension of KuCoin’s mining pools may cause some disruption in the crypto market, as mining plays an important role in the ecosystem. Despite this, it is worth noting that KuCoin is just one exchange, and its suspension may not have a significant impact on the overall market.
KuCoin has assured its users that the suspension is temporary, and the company is working on a new strategy for its mining pool service. The company has also emphasized that the security and integrity of users’ assets remain its top priority, and it will take all necessary steps to ensure the safety of users’ funds.
Litecoin Halving Triggers Price Drop
Litecoin, one of the oldest and most popular cryptocurrencies, has completed its third block reward halving at a block height of 2,520,000, as reported by Colin Wu. The halving event has cut the mining reward in half, from 12.5 LTC to 6.25 LTC, as part of the cryptocurrency’s deflationary monetary policy.
The halving is a regular event that occurs approximately every four years and is designed to control the rate at which new coins are minted. By reducing the reward for mining new blocks, the halving helps to prevent inflation and maintain the scarcity of the cryptocurrency.
The current price of Litecoin is .12, which represents a 3.8% decline over the past 24 hours and a 10% decline over the past six months. The price drop may be related to market uncertainty surrounding the halving event, as well as broader market conditions.
Despite the short-term price decline, many analysts remain optimistic about the long-term prospects for Litecoin and the cryptocurrency market as a whole. The halving event is seen as a positive development that highlights the ongoing maturation of the industry and the growing recognition of cryptocurrencies as a legitimate asset class.
Litecoin has a strong community and a dedicated development team, which continue to work on improving the technology and expanding the use cases for the cryptocurrency.
The halving event is expected to further strengthen Litecoin’s position as a leading cryptocurrency and contribute to its long-term growth and success.
Overall, the completion of Litecoin’s third block reward halving is a significant milestone for the cryptocurrency and the broader industry.
While short-term price volatility is to be expected, the long-term outlook for Litecoin and cryptocurrencies, in general, remains positive, with many experts predicting continued growth and adoption in the years to come.
Featured image from Unsplash, chart from TradingView.com