KuCoin Token Price Prediction: KCS Plunges 15% As KuCoin Charged By DoJ And Traders Rush To This $1M Dollar Airdrop

General

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The
KuCoin
Token
price
tanked
15%
to
trade
for
$12.242
as
of
07:40
a.m.
EST
time.

Trading
volume
skyrocketed
317%
as
KCS
token
holders
de-risk
from
the
KuCoin
market.
It
comes
after
an

announcement
from
the
US
Department
of
Justice
(DoJ)
that
it
is
charging
the
platform
with
violating
anti-money
laundering
laws.

KuCoin
Exchange
And
Founders
Accused
Of
Flaunting
AML
Laws

Chun
Gan
(Michael)
and
Ke
Tang
(Eric),
the
named
founders,
who
are
both
of
Chinese
origin,
aided
in
the
violation
of
the
US
Anti-Money
Laundering
Laws,
the
charge
notes.
“Gan,
Tang,
and
KuCoin
were
aware
of
their
U.S.
AML
obligations,”
said
the
report,
adding
that
they
“willfully
chose
to
flout
those
requirements.”

It
came
as
they
tried
to
grow
KuCoin
into
becoming
one
of
world’s
largest
cryptocurrency
exchanges.
Notably,
the
trading
platform
now
serves
more
than
30
million
customers.
The
DoJ
alleges
that
the
accused:

  • Did
    not
    maintain
    an
    adequate
    AML
    program
    designed
    to
    prevent
    KuCoin
    from
    being
    used
    for
    money
    laundering
    and
    terrorist
    financing.
  • Did
    not
    maintain
    reasonable
    procedures
    for
    verifying
    the
    identity
    of
    customers
  • Did
    not
    file
    any
    suspicious
    activity
    reports
  • Did
    not
    register
    with
    the
    Commodities
    Futures
    Trading
    Commission
    (CFTC)
    as
    a
    futures
    commission
    merchant
  • Did
    not
    register
    with
    FinCEN
    as
    a
    money-transmitting
    business
    up
    to
    at
    least
    the
    end
    of
    2023
  • Did
    not
    try
    to
    conceal
    the
    existence
    of
    KuCoin’s
    US
    customers
    in
    order
    to
    make
    it
    appear
    as
    if
    KuCoin
    was
    exempt
    from
    US
    AML
    and
    KYC
    requirements

Further
in
the
report,
the
DoJ
highlights
that
since
its
inception
in
2017,
KuCoin
Exchange
customers
were
not
required
to
provide
any
identifying
information.
In
July
2023,
the
exchange
was
informed
that
there
was
a
federal
criminal
investigation
into
its
activities.
Spooked,
the
exchange
introduced
the
identifying
information
requirements
for
its
clients.
However,
the
feature
was
only
applicable
to
new
customers.
Its
existing
customers
still
did
not
need
to
provide
KYC
requirements.

KuCoin
Accused
Of
Being
A
Vehicle
For
Laundering
Criminal
Proceeds

According
to
the
DoJ,
this
loophole
allowed
the
KuCoin
Exchange
to
become
a
vehicle
for
laundering
large
sums
of
criminal
funds.
Among
the
criminal
activities
cited,
include
moving
proceeds
from
darknet
markets
and
malware,
ransomware
and
fraud
schemes.

These
activities,
according
to
the
DoJ,
saw
KuCoin
receive
upwards
of
$5
billion
and
send
more
than
$4
billion,
of
suspicious
and
criminal
proceeds
in
its
seven
years
of
operation.
The
authority
also
highlighted
that
most
of
the
platform’s
clientele
was
only
drawn
to
its
anonymity
of
service
feature.

KuCoin
Price
Prediction
As
Exchange
Faces
Charges
Of
Violating
AML
Rules

The
KuCoin
Token
price
is
trading
with
a
bearish
bias,
which
is
expected
as
investors
flee
from
exposure
to
the
platform.
In
the
past,
native
tokens
for
similar
ecosystems
have
crashed
in
the
aftermath
of
legal
charges
levied
against
respective
executives
or
their
platforms.
Case
in
point,
when
the
Terraform
Labs
ecosystem
crashed,
the
Terra
UST
stablecoin
crumbled.
When
the
FTX
platform
imploded,
FTT
crashed,
with
customers
losing
millions
of
dollars.

In
the
aftermath
of
the
charges,
the
trading
platform
has
witnessed
massive
withdrawals.
SpotOnChain
reports
around
$500
million
in
withdrawals
so
far.
This
is
so
much
so
that
there
are
withdrawal
delays,
the
exchange

confirmed.

As
traders
exit,
the
KuCoin
token
price
has
descended
below
support
offered
by
the
50%
Fibonacci
placeholder
at
$12.431.
KCS
price
has
also
slipped
below
support
due
to
the
50-day
Simple
Moving
Average
(SMA)
at
$12.417.

The
market
is
leaning
in
favor
of
the
downside
and
the
KuCoin
token
price
could
extend
the
fall
to
the
100-day
SMA
at
$11.287.

Multiple
technical
indicators
support
the
case
to
the
downside,
starting
with
the
Relative
Strength
Index
(RSI).
This
momentum
indicator
is
nose-diving,
showing
falling
momentum.
The
histograms
of
both
the
Awesome
Oscillator
(AO)
and
the
Moving
Average
Convergence
Divergence
(MACD)
are
also
flashing
red,
evidence
of
growing
bearish
sentiment.
This
is
accentuated
not
only
by
the
negative
position
of
the
MACD
histograms,
but
also
the
fact
that
it
is
moving
below
the
orange
band
of
its
signal
line.

In
a
dire
case,
the
KuCoin
token
price
could
roll
over
to
the
foot
of
market
range
at
$8.905.
This
would
constitute
a
fall
of
around
25%
below
current
levels.

KuCoin price


TradingView:
KCS/USDT
1-day
chart

Converse
Case

On
the
other
hand,
should
the
bulls
seize
the
opportunity
to
buy
the
correction,
the
KuCoin
price
could
pull
back.
A
decisive
candlestick
close
above
the
$14.000
threshold
would
open
the
way
for
an
extension
to
the
peak
of
the
market
range
at
$15.957.

As
investors
exit
the
KCS
market,
consider
moving
your
holdings
into
SMOG,
a
Solana-based
project
that
analysts
say
still
has
the
potential
for
another
1000X
gains.

Promising
Alternative
To
KuCoin
Token


Smog
is
a
Solana-based
meme
coin
with
a
distinct
flaming
dragon
theme.
It
fought
for
and
earned
its
space
on
Solana,
gaining
significant
traction
and
attention
despite
fierce
competition
from
its
sector
peers.

Within
a
month,
the community
rapidly
adopted
the
token,
leading
to
a
substantial
increase
in
its
value.
This
had
analysts
saying
it
could
be
the
king
of
Solana
meme
coins.

Smog’s
reputational
success
is
ascribed
to
two
key
factors:
a
unique,
multi-chain
strategy
and
widespread
airdrops.

Smog’s
initial
launch
on
the
Solana
blockchain
was
followed
by
a
strategic
expansion
to
the
Ethereum
network,
broadening
its
reach.


Airdrops,
facilitated
by
the Zealy platform,
incentivize
users
by
rewarding
them
with
SMOG
tokens
for
acquiring
and
holding
the
token,
as
well
as
for
engaging
in
designated
social
media
activities.

To
qualify
for
the
airdrop,
SMOG
token
holders
must
actively
engage
in
tasks
managed
by
Zealy.
To
this
end,
the
project
has
allocated
35%
of
the
total
token
supply
of
1.4
billion.
The
first
part
of
the
airdrop
that
ends
on
April
3
is
understood
to
include
about
$1
million
in
giveaways.

Smog
also
offers
investors
the
opportunity
to
stake
tokens
for
a
42%
Annual
Percentage
Yields
(APY).
So
far,
over
25
million
SMOG
tokens
have
been
staked.


Visit
and
buy
Smog
here.

Also
Read:

Smog
(SMOG)
–
Meme
Coin
With
Rewards

Smog token

  • Airdrop
    Season
    One
    Live
    Now
  • Earn
    XP
    To
    Qualify
    For
    A
    Share
    Of
    $1
    Million
  • Featured
    On
    Cointelegraph
  • Staking
    Rewards
    –
    42%
    APY
  • 10%
    OTC
    Discount
    –
    smogtoken.com

Smog token

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