KuCoin Faces $1B in Withdrawals Amid Money Laundering Charges

The cryptocurrency exchange is accused of failing to comply with anti-money laundering laws, leading to a significant drop in assets under management.

• KuCoin experienced over $1 billion in withdrawals in 24 hours, with assets dropping to around $4.7 billion from over $6 billion.
• The U.S. Department of Justice accuses KuCoin of deliberately avoiding anti-money laundering policies, including not requiring customer identification.
• Investors' concerns rise as some face delays in withdrawals, though KuCoin assures that the platform is operating well and user assets are safe.
• The indictment against KuCoin and its founders for violating anti-money laundering laws has broader implications for the crypto market, especially ahead of the Bitcoin halving event.
• Experts emphasize the importance of self-custody of crypto assets amidst regulatory scrutiny of exchanges like KuCoin, Binance, and Coinbase.

3 Articles

Benzinga CoinDesk The Block