Tencent Cloud extends to Sui, KuCoin exchange brushes off US criminal and civil accusations with a $10M airdrop and more. To persuade users to stay on the exchange following a criminal indictment by prosecutors in the U.S. Southern District of New York and civil charges brought by the U.S. Commodity Futures Trading Commission (CFTC), cryptocurrency exchange KuCoin is airdropping $10 million in Bitcoin and its native token, KCS, to users. Johnny Lyu, CEO of KuCoin, wrote: “I would like to express my gratitude to all KuCoin users for your support, trust, and companionship during the past few days and the past seven years.” “To earn your trust, we will always make sure user assets are secure and we’ll abide by the law.”
Such Allegations Caused KuCoin Customer’s To Withdraw Over $1B
The allegations against the exchange had caused customers of KuCoin to withdraw more than $1 billion, and that was the day before the announcement. According to Lyu, on March 26 and 27, some users had longer than anticipated wait times when completing the withdrawal procedure. We at “People’s Exchange” really regret any difficulty caused and take full responsibility for it.
The exchange’s total assets are at $5 billion, down from about $6.3 billion at the start of the week. The U.S. Department of Justice and the CFTC have accused the exchange, which is mostly located in Singapore and China, of operating as an unlicensed money transmitter in the United States and of not adhering to a Know Your Customer policy to prevent money laundering.
