Crypto exchange Kucoin has been experiencing massive withdrawals since the US Department of Justice on Tuesday slapped it with charges of facilitating criminal activities.
More than $1.1 billion have been withdrawn from crypto exchange Kucoin in the past hours. The US Department of Justice charges the founders of Kucoin for violating Anti-Money laundering laws. Kucoin assures users of smooth operations regardless of charges as reports of proposed sale of the company surface. While the exchange has assured users that there's no cause for alarm, reports are surfacing online that suggest the founders planned to sell the company in 2023.
The complaint stated that Kucoin “illegally dealt in off-exchange commodity futures transactions and leveraged, margined, or financed retail commodity transactions; solicited and accepted orders for commodity futures, swaps, and leveraged, margined, or financed retail commodity transactions without registering with the CFTC as a futures commission merchant .
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