Kucoin Faces FUD, KCS Price Plummets Instantly

Recently, the Kucoin exchange has been indicted by the U.S. Department of Justice for involvement in illegal trading activities, totaling up to $9 billion. Immediately after, the KCS token plummeted by 25%.

Azcnews Breaking0

The U.S. Department of Justice (DOJ) has announced serious charges against the global cryptocurrency exchange KuCoin, along with its two founders, Chun Gan (Michael) and Ke Tang (Eric). According to DOJ figures, KuCoin has received and processed over $9 billion in transactions from illegal sources.

The indictment accuses KuCoin of being an illegal money transfer business and serious violations of the Bank Secrecy Act. Founders Gan and Tang are accused of directing the exchange to circumvent anti-money laundering and counter-terrorism financing programs, failing to conduct customer identity verification (KYC) procedures, or report activities as required.

According to the indictment, financial institutions like KuCoin need to comply with U.S. law to help detect and prevent crimes and other corruption conspiracies. However, KuCoin not only operates illegally in the U.S. but also has become a “haven” for money laundering and financing for criminals in the financial market.

In parallel with the DOJ’s indictment, the Commodity Futures Trading Commission (CFTC) has also filed a civil lawsuit against KuCoin. The CFTC accuses KuCoin of providing both spot and derivative trading services without proper registration and violating the commission’s KYC requirements.

Homeland Security Investigations Special Agent Darren McCormack described KuCoin as “a multibillion-dollar criminal conspiracy,” seeing it as one of the largest cryptocurrency exchanges today.

Latest Update: KuCoin Considers Ceasing Operations and Selling Exchange. KuCoin Under Criminal Investigation by the United States in 2023 and Subject to Multiple Investigations in China.

Related: Binance, Kraken and KuCoin Removed from Apple Store India

Kucoin and Price Volatility

KuCoin was founded in September 2017 by Gan and Tang, operating under three different entities: FLASHDOT LIMITED, PEKEN GLOBAL LIMITED, and PHOENIXFIN PRIVATE LIMITED.

It is a well-known centralized exchange (CEX) with over 649 cryptocurrencies traded and more than 8 million users worldwide. The exchange offers various services such as spot trading, margin trading, derivatives, lending, trading bots, and its own token, KCS.

Following the investigation, the price of the KCS token dropped by 25%.

kucoin

3.5/5

(2 votes)
  1. Avatar of A T M ZILLUR RAHMAN
    A T M ZILLUR RAHMAN

    Well came

  2. Avatar of roman semenov
    roman semenov

    Protect your financial privacy with TornadoCash. Safeguard your transactions from prying eyes on the blockchain

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

Bingx Announces Listing Of Swarm Markets (smt)

Altcoin | Editor Choice

BingX Announces Listing of Swarm Markets (SMT)

BingX exchange announces the listing of Swarm Markets (SMT) - a DeFi platform licensed by the Germany's Federal Financial Supervisory Authority (BaFin).

Azcnews Nigeria Confirm

News | Editor Choice | Policy & Regulations

Central Bank of Nigeria Confirms Not Blocking Crypto Users

The Central Bank of Nigeria (CBN) has officially confirmed reports of their freezing of user accounts on platforms such as Bybit, OKX, Kucoin, and Binance as fraudulent.

Azcnews President Joe Biden Proposes Highest Tax Rate In History

News | Editor Choice | Policy & Regulations

President Joe Biden Proposes Highest Tax Rate in History

US President Joe Biden has just proposed increasing capital gains tax to 44.6%, marking the highest federal capital tax rate ever.

Bitcoin Dip 64500

News | Bitcoin | Editor Choice

Bitcoin Dips to $64,500, Yet Scarcity Remains High

Despite Bitcoin dipping slightly to $64,500 currently, most experts believe that prices will soon enter a bullish cycle.

What Is Gas Fee

Blockchain | Editor Choice | Research

What is Gas Fee? A Guide to Optimizing Gas Fees Effectively

In any blockchain environment, Gas fees play a crucial and nearly irreplaceable role. So, what is Gas fee? How can you optimize Gas fees? Let's find out!