The KuCoin CEO thinks India is an emerging key market for crypto right after the rumors about its insolvency emerged as we can see more today in our cryptocurrency news.
The trading platform witnessed some high withdrawals but soon the situation stabilized according to KuCoin CEO Johnny Lyu. While most top-tier exchanges gave up on India beucase of regulatory uncertainty and the bear market, Lyu remains bullish on the local market for the long run. He talked about the welcoming market and the expertise as the two key reasons for his optimism about the Indian markets. He added:
“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. I imagine that via the long run funding and infrastructure development of KuCoin within the Indian market the expansion of the Indian market is worth looking forward to.”
Kucoin counts India as a key market with an enormous quantity of 5.6 million new customers being added in the first half of 2022. Indian customers grew by 1,251% compared to the same period last year and the trading platform also recruited local talents and was engaged with other initiatives.
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Lyu believes the introduction of tax deduction at source on transactions by the Indian government is moving towards regulating the digital asset space. KuCoin faced speculations on social media that it might go insolvent the way Celsius and 3AC did but the rumors only started when KuCoin witnessed high levels of withdrawals according to Lyu.
KuCoin denied that the exchange was going insolvent and refuted that the platform had any exposure to 3AC and Terra. The crypto trading platform dismissed the rumors which are following other platforms like Gemini and Coinbase in laying off staff but on the contrary, KuCoin planned to increase its workforce by 30%. Lyu explained:
“But after discovering out that all the pieces was running as regular, they deposited their belongings again.”
He has a strong message for those that indulge in spreading these rumors and he said that the elements should be held accountable for inflicting havoc:
“The accountability mechanism within the Web 2.0 period isn’t mature enough and the costs of spreading rumors is very low.”
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