Crypto exchange KuCoin has seen its market share of daily trading volume decline by half in recent weeks, according to Kaiko, a blockchain research and analytics firm.
Before the charges, KuCoin’s daily trading volume stood at $2 billion. However, the charges brought about a drop in the daily volume by approximately 75% to $520 million. In addition, KuCoin users’ Bitcoin holdings in March dropped by 25.4% to 12,114 BTC, while Ethereum balances declined 22% to about 112,000 ETH. The Tether held by users also went down about 22% to 693 million USDT.this trend, with over $843 million worth of digital assets withdrawn from the platform in the past week alone.
The DOJ said that the exchange facilitated over $9 billion laundering and intentionally circumvented U.S. anti-money laundering and know-your-customer regulations by falsely
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