• April 23, 2024

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KuCoin’s Market Share Drops Following US Authorities Claims: Report

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The latest data from Kaiko analysts show a significant decrease in KuCoin’s market share, dropping from 6.5% to less than 3%, and a decrease in daily trading volume from $2 billion to $520 million.

This decline is largely attributed to the recent accusations from American authorities.

Prior to these events, KuCoin was considered one of the fastest-growing players in the market this year.

On March 26, the Commodity Futures Trading Commission (CFTC) filed a lawsuit against KuCoin, accusing the exchange of not complying with KYC regulations and failure to register as a futures broker, swap execution facility, or authorized derivatives market.

On the same day, the US Federal Prosecutor’s Office also filed claims against KuCoin and its two founders, alleging the laundering of $9 billion, including proceeds from illegal activities such as sanctions violations, darknet markets, and ransomware.