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- KuCoin CEO addresses market FUD amid U.S. allegation of non-compliance.
- Final Friday, KuCoin grew to become the primary international alternate to register with India’s Monetary Intelligence Unit.
- On-chain information reveals KuCoin has adequate reserves to honor withdrawal requests.
KuCoin CEO Johnny Lyu has reacted to the rising messages of concern, uncertainty, and doubt (FUD) circulating locally amid the latest costs filed towards the outstanding alternate by the U.S. authorities.
Lyu emphasised that such regulatory motion is just not distinctive to KuCoin however is widespread within the crypto scene. “The problem we’re dealing with is just not distinctive to KuCoin however fairly typical progress and regulatory points encountered by rising industries,” the KuCoin CEO remarked.
Moreover, Lyu confused that it isn’t far-fetched to see regulatory gaps within the early-stage growth of an trade like cryptocurrencies. Accordingly, he famous that the crypto trade will transfer in the direction of embracing compliance and standardization because it matures.
In the meantime, Lyu disclosed that KuCoin grew to become the primary international alternate to register with India’s Monetary Intelligence Unit final Friday. “This displays our respect for native laws and a proactive strategy to compliance,” he remarked.
Notably, on Tuesday, March 26, the U.S. authorities charged KuCoin and two of its founders for failing to register underneath U.S. legal guidelines regardless of having a considerable variety of People utilizing the platform. Lyu acknowledged that KuCoin’s authorized staff is already dealing with the matter.
In the meantime, the event created panic within the crypto area, with customers shifting en masse to switch their funds out of KuCoin, fearing insolvency. Nevertheless, on-chain information has proven that KuCoin is in good standing to course of customers’ surging withdrawal requests.
In a latest put up on X, Ki Younger Ju, the founding father of the analytic platform CryptoQuant, emphasised that KuCoin is working high quality amid the panic. Younger Ju shared on-chain information illustrating that whereas Bitcoin and Ethereum withdrawals surged on KuCoin, the outflows had been primarily from retail traders.
Furthermore, Younger Ju disclosed that there aren’t any indications that KuCoin commingles buyer funds, noting the alternate has adequate reserves to honor withdrawal requests.
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