The crypto exchange is currently the seventh largest by 24-hour trading volume.
KuCoin cryptocurrency exchange claims that its users' assets are safe amid a series of criminal and civil allegations filed by the U.S. Southern District of New York (SDNY) prosecutors and the Commodity Futures Trading Commission (CFTC) on March 26.
"KuCoin is operating well, and the assets of our users are absolutely safe," the exchange wrote. "We are aware of the related reports and are currently investigating the details through our lawyers. KuCoin respect the laws and regulations of various countries and strictly adheres to compliance standards." Just hours later, the exchange posted another tweet, appearing unfazed by Tuesday's novel allegations:
At the same time, KuCoin's native token, KCS, has lost 12% of its value over the past 24 hours and is currently trading at $12.64 at the time of publication. Earlier in the day, the U.S. SDNY announced criminal charges against KuCoin co-founders Chun Gan and Ke Tang, both Chinese nationals. The two are accused of conspiring to operate an unlicensed money-transmitting business and "conspiring to violate the Bank Secrecy Act by willfully failing to maintain an adequate anti-money laundering ("AML") program."
