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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/kucoin-exchange-faces-intense-scrutiny-and-withdrawals/" data-wpel-link="internal">KuCoin Exchange Faces Intense Scrutiny and Withdrawals</a><br></p>
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/binance-released-a-report-on-ethereum-polygon-fantom-avalanche-arbitrum-and-optimism/" data-wpel-link="internal">Cryptocurrency</a></strong> exchange KuCoin has recently made headlines after coming under the radar of the U.S. Department of Justice (DOJ). Facing severe accusations from the U.S. Government, KuCoin experienced a loss of $500 million due to withdrawals. Investors are seen to be withdrawing their assets as a precaution. However, there appears to be no interruption in the exchange’s operations.</p> 
<h2 style="text-align: justify" id="massive-withdrawals-following-accusations">Massive Withdrawals Following Accusations</h2> 
<p style="text-align: justify">According to the Blockchain analysis platform Spot On Chain, a massive outflow of funds from KuCoin occurred within just a few hours following the U.S. authorities’ accusations.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-333796 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/kucoin-coin-turk-com-.png" alt="" width="666" height="550"></p> 
<p style="text-align: justify">The $274 million in <strong><a href="https://en.coin-turk.com/tether-plans-to-publish-real-time-reserve-reports-new-ceo-says/" data-wpel-link="internal">Tether</a></strong> (USDT), $55 million in <a href="https://coin-turk.com/ethereumson-3-haftanin-en-yuksek-seviyesine-cikti" data-wpel-link="internal">Ethereum</a> (ETH), $46 million in Ondo (ONDO), and other tokens withdrawn from KuCoin have inevitably caused concerns. However, KuCoin still holds approximately $3.6 billion in crypto assets in its hot wallets.</p> 
<h2 style="text-align: justify" id="charges-against-kucoin-and-two-executives">Charges Against KuCoin and Two Executives</h2> 
<p style="text-align: justify"><strong>KuCoin</strong> and two of its founders are accused of violating the Bank Secrecy Act. The exchange is alleged to have been used as a haven for money laundering. It has also been revealed that KuCoin is accused of misleading the U.S. about the total size of its user base.</p> 
<p style="text-align: justify">KuCoin, facing compliance issues with U.S. regulations, has not obtained the necessary regulatory approvals despite U.S. citizens making up 17% of its users. Variant’s Chief Legal Officer <strong>Jake Chervinsky</strong> emphasizes that this is a lesson for anyone wanting to enter the U.S. market, stating, “If you want access to the U.S. market, you must comply with U.S. laws.”</p> 
<h2 style="text-align: justify" id="kucoin-continues-operations">KuCoin Continues Operations</h2> 
<p style="text-align: justify">Despite its legal troubles, KuCoin appears to be continuing its operations. The exchange claims that users’ assets are secure while its lawyers are reviewing the DOJ’s allegations.</p> 
<p style="text-align: justify">However, the exchange admits that withdrawal transactions are taking longer than usual due to its trading volume, which highlights the situation KuCoin is in. In this yet-to-be-resolved process, the future remains uncertain for KuCoin and its users.</p> 
<p style="text-align: justify">Regarding the lawsuit initiated by the U.S., I can say this based on the <a href="https://en.coin-turk.com/binance-deletes-leverage-for-30-trading-pairs-including-busd/" data-wpel-link="internal">Binance</a> example. It is highly likely that KuCoin will also opt for a settlement with the U.S. Department of Justice. Consequently, it may face a financial penalty. After such a financial burden, the exchange could continue its operations, just like in the Binance case.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/kucoin-exchange-faces-intense-scrutiny-and-withdrawals/" data-wpel-link="internal">KuCoin Exchange Faces Intense Scrutiny and Withdrawals</a></h5>

KuCoin Exchange Faces Intense Scrutiny and Withdrawals

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