- KuCoin CEO Addresses Market FUD Amid Allegations of Compliance Violations by the US.
- Final Friday, KuCoin turned the primary international change to be registered with India's Monetary Intelligence Division.
- On-chain knowledge exhibits that KuCoin has ample reserves to just accept withdrawal requests.
KuCoin CEO Johnny Liu has responded to the rising messages of concern, uncertainty, and doubt (FUD) circulating inside the neighborhood amid current costs towards outstanding exchanges by the US authorities.
Liu emphasised that such regulatory measures usually are not distinctive to KuCoin, however are widespread within the crypto scene. “The challenges we face usually are not distinctive to KuCoin, however quite the standard development and regulatory points confronted by rising industries,” KuCoin's CEO mentioned.
Moreover, Lyu emphasised that it isn’t outlandish for an trade like cryptocurrencies to have regulatory gaps of their early phases of improvement. Due to this fact, he identified that the crypto trade will transfer towards embracing compliance and standardization because it matures.
In the meantime, Liu revealed final Friday that KuCoin turned the primary international change to register with India's Monetary Intelligence Division. “This displays our respect for native laws and our proactive strategy to compliance,” he mentioned.
Notably, on Tuesday, March twenty sixth, the U.S. authorities charged KuCoin and its two founders with failing to register the platform below U.S. regulation, though a big variety of People use the platform. That's what I did. Liu mentioned KuCoin's authorized group is already coping with this difficulty.
In the meantime, the event precipitated panic within the cryptocurrency trade, with customers making an attempt to maneuver their funds out of KuCoin en masse, fearing chapter. Nevertheless, on-chain knowledge exhibits that KuCoin is well-equipped to deal with the quickly growing variety of withdrawal requests from its customers.
In a current put up on X, Ki Younger Ju, founding father of the analytics platform CryptoQuant, emphasised that KuCoin is functioning usually amidst the panic. Younger Ju shared on-chain knowledge displaying that KuCoin has seen a surge in Bitcoin and Ethereum withdrawals, however the outflows are primarily from retail buyers.
Moreover, Yongju clarified that there is no such thing as a indication that KuCoin commingled with buyer funds, noting that the change has ample reserves to just accept withdrawal requests.
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