A high court in Singapore has ordered Kucoin lockdown with a temporary injunction since last month. The court ruled that the crypto exchange firm cannot move any of its properties alongside its website from Singapore.
However, following Kucoin lockdown, the firm’s domain registrar GoDaddy in an email, revealed that Kucoin is acting according to the court’s order. With this Kucoin lockdown and court injunction, Kucoin clients are beginning to get worried for the exchange firm and getting to understand that perhaps, the exchange firm has issues.
Part of clients’ worries for the firm also is how the firm will manage its primary web address lockdown (kukoin.com) as the firm outside Singapore is undergoing serial restructuring and legal issues around the world.
Amidst Kucoin lockdown, the firm makes an announcement
Amidst the entire Kukoin lockdown situation, the firm has announced its telegram channel, saying that kucoin.io, and kubi.cc. are options to its primary site as clients remain worried. A Kucoin admin on the firm’s Telegram channel identified as Melanie White said to clients that they should wait for an announcement from the exchange patiently.
Before the Singapore high court injunction on Kucoin, Kucoin claims to be restructured in a release with its headquarter in Seychelles. In the statement dated March 17th, 2020, the firm claims to have expanded Kucoin’s services and ecosystem.
Owing to the expansion, the firm’s management adjusted the company’s structure. It established KuGroup comprising of three business groups which are KuCoin Global, KuCloud, and the KuChain & KCS Business Group, the statement revealed.
Kucoin 2018 $20 million funding
In 2018, Kucoin revealed that it made about $20 million in a Series A funding from Neo Global Capital, Matrix Partners, and IDG Capital.
The firm’s CEO, then Michael Gen, came out to say that the support of the firms mentioned above will help Kucoin grow substantially, expand understanding and adoption of cryptocurrency for millions of potential users, and help these users more efficiently find the best products available in the crypto-world.
Reportedly, as claimed by the firm, it only appears as a portfolio company on the websites of both IDG Capital and Neo Global Capital (NGC), and not on Matrix Partners’ website. NGC report also states that they never invested in Kucoin but only gave logistical support as there were no reports yet from IDG Capital and Matrix Capital.