Call for Decentralized Exchanges … As a result of these withdrawal issues, speculations have arisen that centralized exchanges lack reliability, …
Facing the recurring lack of cash reserve problem in the crypto market, many crypto currency business firms have gone belly up recently. The latest and the largest firm to take a hit was FTX. Following this disturbing development, another popular crypto exchange – KuCoin – made news when the users started posting tweets about their held – up money withdrawals.
What is KuCoin? With a Mission to “facilitate the global free flow of digital value”, KuCoin is a secure crypto currency exchange platform to buy, sell and exchange more than 700 types of altcoins, including Bitcoin and Ethereum. With over 20 million global users at present in 40 plus countries, its first ever pieces of code were written in a cafe by its founders Michael and Eric. Their goal – to provide a platform to the general public, including beginners, to be able to get easily involved in the new but sure to grow block chain market. Their dream – to get everyone involved with crypto one day.
A user named Mac, lamented about the delay he had to endure in order to withdraw his own funds! As a result of increased security measures by KuCoin, account holders were asked to follow a tedious procedure of providing a photograph, a photo identity document and a screenshot of their withdrawal history. This lengthy process had account holders on edge, making them irritable about the fact that their funds are no longer easily accessible.
Another user, coined Stacker, rued the fact that it took a total of twenty minutes to get a hold of his funds. He also stated that while the whole crypto currency space is facing tough times, even the account holders are having to take the brunt of it, thanks to the high levels of stress caused due to withdrawal hold – ups.
Followed by more related tweets going on, another user with the handle DmcryptoNC – advised people that it might be time to switch to self – custodial exchanges, ie. Decentralized Exchanges and Hardware Wallets. This was suggested in light of the fact that the Decentralized Exchange seems to be going through some sort of security leak. As it is, Decentralized Exchanges might well be the most used ones in the future.
However, to all the speculation about KuCoin going to 0, by yet another user, KuCoin promptly replied that they are “here to stay”. As to Mac, KuCoin provided all the information regarding the security check that they were doing which led to the delay in withdrawal. They assured that they take security issues seriously and it is their top priority to keep the users’ information and assets safe; thus the security check.
In addition to the withdrawal delays in KuCoin, users of various other crypto exchanges, like Kraken and Coinbase reported that these sites had also been showing signs of lag, but the bugs in those sites have already been fixed. With the increasing popularity and user base of crypto currencies and block chain, the exchanges need to ensure smooth sailing at all times!
