Despite the fact that many of the top-tier crypto exchanges have abandoned India due to regulatory uncertainty and a bear market, KuCoin CEO Johnny Lyu remains bullish for the long-term. He spoke about the “welcoming market” and “expertise” being the key reasons for his optimism regarding the Indian cryptocurrency landscape in a recent interview.
India will remain a key market in the long-term
“No matter the current situation, as a trading platform that is just 5 years old, it’s important to look forward to the future. He told indianexpress.com that he believes the Indian market will grow if KuCoin is given long-term funding and infrastructure development.
KuCoin considers India a key market, accounting for the “enormous number” of Indian customers it added to its portfolio in the first half 2022. The number of Indian customers increased by 1,251% in the first half of 2022 compared to last year. The crypto trading platform also employed local talent and was involved with initiatives like Chingari.
Lyu also believes that the Indian government’s introduction of tax deduction at the source (TDS), on crypto transactions is a step towards regulating digital assets.
Denies Insolvency, Lay-Off Rumors
KuCoin was also subject to speculations on social media about whether it would go bankrupt – similar to how Celsius and 3AC went. Lyu acknowledged that KuCoin experienced high levels of withdrawals after the July 2 rumors.
CryptoPotato reported on July 2 that KuCoin CEO had denied that the exchange was insolvent. He also denied that the platform was exposed to Terra and 3AC. Later, the cryptocurrency trading platform dispelled rumors that it was following the lead of other platforms like Coinbase and Gemini by laying off employees. KuCoin stated that it was going to double its workforce by 30%.
Lyu said that they had to deposit their belongings again after finding out that everything was running as normal.
Wants to Take Action Against Rumor Mongers
Lyu has a clear message for anyone who spreads such rumors. Lyu stated that such elements should be held responsible for inflicting havoc on the world.
He stated that the Web 2.0 period’s accountability system is not mature enough, and that spreading rumors has very high costs.
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