Following criminal charges imposed by US authorities, KuCoin witnessed a surge in withdrawal requests.
Various on-chain analytics firms, including DefiLlama, Nansen, and SpotOnChain, reported increased withdrawals across different trader categories.
In response to the allegations on March 26, the exchange faces consequences for operating without legal permission and violating AML laws.
KuCoin Withdrawals Data:
Ethereum-based token withdrawals surged during the reporting period. SpotOnChain revealed withdrawals totaling around $500 million, involving various tokens such as USDT, ETH, ONDO, and FET.
Moreover, the 0xscope dashboard indicated a net outflow of $520 million from KuCoin.
Notably, LookonChain identified significant movements of funds from KuCoin to other platforms.
Outlook and Compliance:
Despite the challenges, KuCoin CEO Johnny Lyu reaffirmed the exchange’s commitment to compliance and standardization.
“Regulatory gaps are common in emerging industries, but as we mature, compliance evolves as a key focus area,” said Lyu.
He highlighted KuCoin’s recent registration in India as a step towards embracing local regulations and compliance standards.
Lyu assured users that the exchange continues to function efficiently while legal teams investigate the allegations.
Published by CryptoSlate
**Meta Description**: KuCoin experiences a surge in withdrawal requests following criminal charges. Ethereum-based token withdrawals peak, highlighting regulatory challenges. CEO emphasizes compliance and resilience.
**Focus Keyword H1**: KuCoin Withdrawals Surge After US Charges
**H2s**:
1. KuCoin Withdrawals Data
2. Outlook and Compliance
