The US Department of Justice accused the bitcoin exchange Kucoin of violating the country’s legislation. After the agency’s statement, traders began withdrawing digital assets from the trading platform.
According to SpotOnChain, traders withdrew $274 million in USDT stablecoins. In addition, 15,500 ether, 50 million ONDO, 12 million FET and 95 million GHX left the exchange wallets. All these digital currencies are based on ethereum, analysts clarified.
As of March 27, tokens totaling just over $3.7 billion were stored at Kucoin’s exchange addresses. U.S. law enforcement agencies accuse the founders of the trading platform, Chun Gang, and Ke Tang of providing financial services in circumvention of U.S. bank secrecy laws.
In addition, the DOJ concluded that Kucoin violates the anti-money laundering regime.
In addition to the agency, the Commodity Futures Trading Commission (CFTC) has also filed charges of regulatory violations against the exchange