KuCoin Reveals The Establishment of KuGroup Business Unit
- The new structure corresponds to KuCoin’s substantial growth and will include three inner groups.
- Both Gan and Lyu, the new managers of the units, have a rich background in various industries and bring ambitious ideas.
Justin Sun, founder of Tron (left), and Michael Gan, founder of KuCoin, meet up at ABS 2019 Taipei. Reddit
The popular cryptocurrency exchange KuCoin revealed the foundation of KuGroup, with Michael Gan chosen to be the chairman of the group. On the other side, co-founder, Johnny Lyu will be the new KuCoin Global CEO.
KuCoin was established in September 2017 and is currently one of the leading crypto exchanges. It offers a wide variety of financial services to more than 5 million users across 207 countries worldwide.
The establishment of KuGroup comes from the company’s higher management and aims to adapt KuCoin’s structure to the company’s growth. The new group includes three business units – KuCloud, KuCoin Global and the KuChain & KCS Business Group.
In his new role, Michael Gan will be responsible for the worldwide strategy of KuCoin Global and will push the efforts towards learning what blockchain technology with KuChain (KuCoin’s public chain) can accomplish. Gan will also focus his supervision on integrating KuGroup with the KCS ecosystem.
“When I was still at Alibaba, I had worked in the AI department of Ant Financial and observed how this cutting-edge technology has been applied to various industries,” commented Gan on his ideas. “As a growing number of countries such as India, Korea, and France open its door to blockchain and crypto, the mass adoption will be inevitable and KuChain as well as its ecosystem will largely contribute to this trend.”
Johnny Lyu has worked as a business development and strategic investment lead in industries such as automotive, e-commerce and luxury, prior to joining KuCoin. Lyu is KuCloud, Pool-X and Spotlight’s main overseer. As a KuCoin Global CEO, he will take care of KuCoin, Pool-X and KuMEX’s day-to-day agenda.
“KuCoin has proved its value in the crypto space by offering easy-to-use, secured and efficient financial services to users internationally. Over 65 billion transaction volume has been handled so far and we will continue our journey to make KuCoin the best place to trade. Please stay tuned for more updates regarding KuCoin, KuMEX, Pool-X, KCS, and KuChain that will be announced in the next few weeks,” noted Jyu, who will also be responsible for the business development of the KCS ecosystem.
- The updated KYC checks will be introduced on 15 July, after which new users will be required to complete the process in order to gain full access to the exchange’s services.
- Existing users who fail to complete the KYC checks will face limitations on the platform, such as being unable to deposit new funds and only having access to certain services.
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- The Twitter account of the crypto exchange was compromised for roughly 45 minutes on Monday, resulting in 22 transactions connected to the hack.
- KuCoin has calculated that the total asset losses were 22,638 USDT, and noted that it will fully reimburse users affected in the incident.
- CEO Changpeng Zhao pledged on Tuesday to implement a Proof-of-Reserve mechanism at Binance to provide full transparency, and called on all industry players to follow suit.
- KuCoin, Poloniex, Huobi, and OKX were among the first crypto exchanges that promised to publish proof of their reserve holdings within a month.