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Chinese Reporter Alleges KuCoin Was Aware of US Action Against Suspicious Crypto Services
Colin Wu, a well-known Chinese crypto enthusiast, has provided valuable insights into the challenges facing KuCoin. With close connections to key figures in the Chinese crypto community, Wu is a reliable source of information.
According to Wu’s sources, KuCoin’s executives were well aware of the potential legal issues looming on the horizon. Reports suggest that plans were in motion to restructure their operations and possibly sell the business to other interested parties.
Even major players like Binance were reportedly informed about the potential sale of KuCoin’s crypto empire in the previous year.
While some users dismissed these reports as mere FUD (fear, uncertainty, doubt), the crypto community remains engaged and supportive of one another during this period of uncertainty.
The Showdown: KuCoin vs US DOJ
Recent developments have seen the US Department of Justice formally charging KuCoin and its founders for alleged violations of the Bank Secrecy Act.
The Department of Justice’s accusations include KuCoin’s failure to register with key US regulatory bodies, raising concerns among industry experts that further charges from the SEC may be forthcoming.
Following this news, the value of KuCoin’s token (KCS) experienced a significant decline of 17%, reflecting the impact of these legal troubles on investor sentiment.
In response to the uncertainty surrounding KuCoin, a substantial outflow of funds totaling nearly $2 billion occurred as users expressed concerns over the security of their assets in light of the legal action.
