It's sad not because Kucoin exchange will be in trouble because they can easily bailout of this situation as they are as equal to Binance in this field. What concerns me is what if the charges are proven? Why doesn't big shot have to indulge into such activities as first CZ now Kucoin as this would send wrong example to th general audience that all those who have earned in crypto are through breaking laws or unethical way. Not a good news.
You’re right mate and with all these news about exchanges, I think a very wrong impression will be sent to the public and these on the other hand will also make the government gain more grounds on fights against cryptocurrency and make people think that, whatever earnings through crypto is illegal and I agree with you that, that’s not really good for the growth of bitcoin and cryptocurrencies at large.
Yeah, for me, I don't hold my coins on exchanges anymore. I just deposit some for trading and then withdraw to save. I have lost a lot of money on exchanges, so I don't do it anymore. If someone still remembers BTC-e, I lost $10,000 to that exchange.
This is not advisable in the first place, there's no safe crypto exchange and you should not hold any big amount of your crypto on any exchanges.
This is not the first time for Kucoin founder/team to experienced a legal suit when it comes to the irregularities and they won in most of those cases.
Kucoin is not alone as Binance also have bad experience with the government pressure, let's just hope that this will not affect the current bull market and hope that Kucoin will win in this legal battle.
To avoid all of these tensions, it has always been advised to avoid storing our coins in exchanges, but rather let them play their roles as exchanges and only send coins for trading over there.
For anyone who has been active on the forum, would have at some point, gotten across thread’s preaching against storing coins on centralized exchanges.