Wong claimed that a representative from Rich Moral CPA answered and informed him that the Smart Team moved out of the offices years ago, despite the remaining signage. Wong also reports that the representative from Rich Moral CPA said that even when the Smart Team was there, that she never heard of KuCoin exchange or anything crypto related.Where is KuCoin Running Their Operations From?
Wong concluded his investigative report with some theories about where KuCoin is running their operation from, saying:“I suspect they are either working back in Sichuan of China, as the previous post have mentioned, or they are working somewhere remotely at home in Hong Kong? But that can’t be right, right? It’s a huge exchange and they are only working at home…Well, let’s take a step back. Maybe they have an office elsewhere in Hong Kong? But honestly, I don’t believe that can be the case, as we know that they don’t have Hong Kong ID cards or passports. They can’t just enter Hong Kong as they wish…Chinese nationals can’t just come in and out without a permit.”
The risks of putting money on an exchange without a verifiable headquarters is that if the exchange were to exit-scam its clients by withholding withdraws or by shutting down the exchange randomly, there would be no recourse. Users would not be able to go to state regulators to get their funds back because the exchange employees could be anywhere in the world.
Wong closes his report by warning investors to avoid the exchange until it becomes more transparent, saying:“They are just too shady. They told us that they have an office in Hong Kong. But that’s all a lie. No one’s even there! It’s completely empty. And most importantly, they don’t even have a Hong Kong license to deal in cryptocurrencies.”
KuCoin has not yet responded to the accusations within Wong’s investigative report.Featured image from Shutterstock...