Johnny Lyu on cryptocurrency
From SlateCast #31: KuCoin CEO Johnny Lyu discusses regulation and the future of DeFi · · CryptoSlate
“Exchanges like you said are taking a tremendous risk today custodian on the assets of the customers, and actually lots of our profits and revenue go to safety on it and then the infrastructure on this.”
On , Johnny Lyu, CEO at KuCoin, spoke about cryptocurrency during SlateCast #31: KuCoin CEO Johnny Lyu discusses regulation and the future of DeFi on CryptoSlate.
About Johnny Lyu
In November 2022, KuCoin CEO Johnny Lyu discussed the collapse of FTX, calling it "a very big phenomenon" and "regrettable for the entire industry," noting that many users suffered losses. He stated that exchanges take "tremendous risk" as custodians of customer assets and that KuCoin allocates profits to safety and infrastructure. Lyu confirmed that KuCoin was "fully liquid" and was publishing its asset status while collaborating with third-party auditors. He expressed that the industry, including institutions, users, and exchanges, was willing to help the crisis pass and return to normality. Lyu also addressed regulation, saying KuCoin "definitely embrace[s]" regulations in countries with active and supportive frameworks, and that the exchange is proactive in complying with local laws. He suggested that over time, standards for audits and solutions would emerge. In an October 2022 interview at Token2049 Singapore, Lyu discussed KuCoin's fifth anniversary and its focus on building synergies with projects, market makers, and venture capitalists, emphasizing that security is fundamental and that projects without strong security "will collapse in one night."