KuCoin CEO is still optimistic about India and wants to take action against these widespread rumors

Despite the regulatory uncertainty amid a bear market, cryptocurrency exchange KuCoin CEO Johnny Lyu is betting heavily on India. “India is a key market for KuCoin. We experienced about 5.6 million new users in the first half of 2022, a growth of up to 659 percent, and a large number of these new users were Indian. Indian users increased by 1251 percent in 2021 compared to the same period last year,” Lyu told indianexpress.com.

It is worth noting that Indian crypto companies are Shifting their base from India to Dubai and Singapore as cryptocurrency exchanges in the country face an uncertain future. This is happening as Bitcoin, Ethereum, etc. prices crash amidst extreme market conditions.

However, Lyu has his eye on India for the simple reason that the market is welcoming and “talent-filled”. “No matter what the current state, as a trading platform that will soon be five years old, we look to the future. I believe that it is worth looking forward to the growth of the Indian market through KuCoin’s future investments and infrastructure construction in the Indian market,” he said.

Johnny Liu, KuCoin CEO. (Photo: KuCoin)

Two years ago, KuCoin launched a $50 million support plan to boost the development of India’s blockchain industry. “We recruited local people and started communities in India. And we actively conduct intensive cooperation with local crypto companies, such as the largest local crypto exchange Bitbns, and even projects like spark‘ he told indianexpress.com.

Since the Crypto Tax (TDS) was introduced on July 1st, Indian exchanges have experienced low trading volume, and one speculation was that consumers are increasingly participating in foreign exchanges to evade taxes. According to Lyu, this is an incorrect assumption. “We haven’t seen a significant increase in Indian users over the past two months.” Despite this, Lyu is positive about crypto taxation in India. He believes taxing crypto profits is a sign that the country is ready to regulate cryptocurrencies

Lyu debunked some rumors that are widespread among crypto enthusiasts and investors. With forums on Reddit, tweets and even analysts claiming that KuCoin will go under like crypto companies Celsius and Vauld because it has no “asset backing”. “After the rumors surfaced on July 2nd, we have seen an increase in both withdrawals and deposits. Users have tried to withdraw their assets under the influence of rumors and this, in turn, can happen to any platform. But after finding out everything was going normal, they repaid their fortune,” Lyu noted, adding that since the market has gone through some bull-bear market cycles, “it is natural that people are more susceptible to this type Unlike other exchanges where most fees come from trading altcoins, he said, “…as a crypto exchange, trading fees are our main source of income, not altcoin trading profits.”

Crypto exchanges have been in full swing lately Coinbase, Vault and even Celsius Network dismissal of workers. Despite this, Lyu claimed that KuCoin is in an expansion phase and is constantly hiring. “In terms of team traction, KuCoin has onboarded 400 talents in the first half, and is recruiting about 300 talents in R&D, marketing, business development and other directions to continue development.”

Lyu said the people behind the rumors should be held accountable for wreaking havoc on the market. “The accountability mechanism in the Web 2.0 era is not mature enough and the cost of spreading rumors is very low,” he said, adding that the issue of traceability and accountability could be solved with the development of Web 3.0.

The CEO of KuCoin predicted that the ongoing crash in the cryptocurrency market will “weed out” weak companies and investors. It will accelerate changes in the overall industry pattern and a series of mergers and acquisitions will follow. “Survival of the best is a constant law in any industry, crypto companies that will emerge from the market downturn are the ones who invent new technologies.”

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