Cryptocurrency exchange KuCoin is shutting its doors in Japan. It follows a list of other top crypto exchanges that have exited the country in the wake of more stringent regulations designed to combat money laundering, criminal activity and security hacks.
The top two exchanges by volume, Binance and OKEx, have both exited Japan, relocating to Malta, the Mediterranean island-state that has been attracting blockchain businesses and cryptocurrency exchanges as it establishes itself as a hub for emerging technology.
Similar to Binance, KuCoin has a profit-sharing structure where bonuses rise and fall for its users depending on trading volume, with half of its daily trading fee revenues distributed to users who are holding its native cryptocurrency, KuCoin Shares (KCS).
Hong Kong-based KuCoin also announced that it has completed maintenance for the USDT (Tether) wallet and that the wallet is now open for deposits and withdrawals following alerts by analysts at SlowMist, a Chinese cybersecurity firm that claimed they had found a double spending vulnerability in the cryptocurrency.
Meanwhile, New York-based cryptocurrency exchange Gemini currently has 34 job listings open. Six of the listings are in the security department, as the exchange works to design, implement, maintain and improve core security functionality.
Gemini details a key focus on cryptocurrency storage, customer authentication and authorization, web security, data protection and encryption-at-rest and access-control for internal applications.
Hiring across all sectors, Gemini is looking to fill positions in several departments: compliance, operations, finance and accounting, business development, engineering, infrastructure, and product and design. The company promises “unlimited paid vacation” and time off “when you need it.”
Partial list of key positions:
In light of the recent string of cryptocurrency exchange hacks, the focus and response are critical for all exchanges across the globe in order to ensure stability in the markets and to establish long-term mainstream adoption.