The Central Bank of Nigeria issued a directive on Tuesday asking financial institutions to identify persons or entities transacting in or operating Bybit, KuCoin, OKX and Binance, according to contents of the letter seen by CoinDesk.
KuCoin Withdrawals Spike to $1B in Crypto Amid U.S. Regulatory Clampdown
The surge occurred as U.S. federal prosecutors charged the exchange and two of its founders with violating anti-money laundering laws on Tuesday.
Crypto Exchange KuCoin Violated Anti-Money Laundering Laws, U.S. Charges
U.S. federal prosecutors charged crypto exchange KuCoin and two of its founders with violating anti-money laundering laws on Tuesday, saying the exchange operated in the U.S., lied to at least one of its investors about operating in the U.S. and failed to both register with U.S. government entities and maintain an anti-money laundering program.
Binance, KuCoin, Other Exchanges, Served Notice by Indian Government Removed From Apple’s App Store
Apple has removed Binance, KuCoin and other offshore cryptocurrency exchanges from its India app store days after nine such entities were sent compliance show cause notices by the Indian government.
India’s Local Crypto and Web3 Advocacy Body Asked for Action Against Offshore Entities: Source
The Bharat Web3 Association’s (BWA) Chairman wrote the letter to the Indian government on Dec. 16.
India Issues Compliance ‘Show Cause’ Notices to 9 Offshore Exchanges Including Binance and KuCoin
Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex are the nine exchanges.
The Pope and US regulators warn about AI risks: Law Decoded
The head of the Catholic Church warned humanity of AI’s potential dangers and explained what needs to be done to control it.
Kucoin agrees to ban New York residents and pay $22 million in settlement
Kucoin users from New York will lose the ability to trade within 30 days and will have their accounts closed within 120 days.
KuCoin pledges $20K grant to TON Foundation for ecosystem development
The funding will support TON ecosystem projects, research and development efforts, community-building and marketing activities.
KuCoin Ventures to Provide $20K Grant to TON Ecosystem
KuCoin Ventures’ funding will be allocated to five “mini-apps” on TON focusing on payments and gaming.
Huobi, KuCoin, over 140 crypto exchanges ‘non-authorized’ — UK regulator
The FCA’s list of registered crypto asset providers includes 42 entities and hasn’t changed since August.
KuCoin suspends Bitcoin and Litecoin mining pools
“We deeply regret any inconvenience this might cause and we remain grateful for your unwavering support and understanding,” the exchange wrote.
Crypto Exchange KuCoin to ‘Adjust Some Personnel as Needed’, but Denies Report of Major Layoffs
A report circulated on Twitter on Tuesday that the exchange plans to eliminate 30% of its workforce amid declining profit.
Privacy is not the core feature of Bitcoin, KuCoin CEO says
KYC is an important measure for crypto exchanges to protect and recover user funds in the case of theft or hacking, KuCoin CEO Johnny Lyu said.
Crypto Exchange KuCoin to Introduce Mandatory ID Checks Next Month
As of July 15, new customers will be required to complete identification checks to use KuCoin’s services.
KuCoin crypto exchange to introduce mandatory KYC in July
KuCoin’s Know Your Customer checks will require new users to complete identity verification to access all services, while existing non-KYC users will not be able to deposit.
Bear market allows crypto companies to ‘listen’ to users: KuCoin exec
Dorian Vincileoni, an executive at KuCoin, spoke with Cointelegraph at the Proof of Talk blockchain conference in Paris about navigating the state of the current market.
LUNC Burn Tax Set To Rise To 0.5% As KuCoin Proposal Receives Approval
After garnering the required votes, a major proposal has just passed in the KuCoin network. The proposal aimed at raising Terra Classic LUNC burns tax to 0.5%.
Following the positive results, KuCoin declared increasing the LUNC network burn rate from 0.2% to the proposed 0.5%.
LUNC Network Burn Tax Spikes On KuCoin
KuCoin took to Twitter to announce the increase in the burn tax. In its announcement, KuCoin stated that it would facilitate the Terra Classic LUNC and TerraClassicUSD (USTC) increase on its platform following the burn tax activation.
Notably, the activation will occur at the designated Terrra Classic block height of 12,902,399 and take effect on May 23.
Once activated, KuCoin will pay users more for transactions involving the two crypto assets, LUNC and USTC. Apart from the increased payments, the burn rate tax will reduce LUNC supply.
But there’s still a downside to the increased burn rate tax as it will reduce the trading volume. This is why many exchanges rejected such proposals in the past.
Notably, KuCoin has always supported such increases even when other exchanges delay. For instance, the exchange first supported a September 2022 Terra Classic burn tax of 1.2% even before the proposal passed.
Other exchanges, including Crypto.com, MEXC, and Binance, only later declared support for the burn tax.
But after the proposal passed, data implied that the increase reduced the trading volume for LUNC. Many investors stopped trading with the asset due to the spike in fees.
Following the outcome, the LUNC community voted to reduce the burn tax to 0.2%, attracting the support of crypto exchanges such as Binance.
After the reduction, the Terra Classic community brought up another proposal to increase the burn tax rate, but it wasn’t implemented.
Latest Burn Tax Increase Proposal, 3 Others Gain Massive Support
While other proposals to increase the burn tax after reducing it from 1.2% to 0.2% failed due to several debates and arguments, the latest one received massive support.
One of the reasons proposal 11515 passed was the conservative increase, which wouldn’t spike fees and discourage investors.
The proposal focused mainly on reducing the excess supply of LUNC tokens in the market to prevent oversaturation and its associated risks.
But, it is not the only proposal submitted to the LUNC community. An active member raised 3 other proposals, plus the burn tax increase to enhance economic policies on the network.
The three others aimed at augmenting demand by increasing staking rewards, whitelisting smart contracts to enhance chain utility and volume, and increasing community pool funding to bolster developer funding.
-Featured image from Pexels, chart from Tradingview
KuCoin Wallet spins off from KuCoin exchange, renames as Halo Wallet
The newly branded Halo Wallet seeks to broaden its efforts from Web3 to social finance, also known as SocialFi.
KuCoin leads $10M funding for Chinese yuan stablecoin issuer
Circle’s investment arm has joined a funding round for CNHC, the issuer of the eponymous stablecoin pegged to the offshore yuan.