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

Trading volume skyrocketed 317% as KCS token holders de-danger from the KuCoin market. It comes after an announcement from the US Department of Justice (DoJ) that it's charging the platform with violating anti-money laundering legal guidelines.

USDOJ: Prominent Global Cryptocurrency Exchange KuCoin And Two Of Its Founders Criminally Charged With Bank Secrecy Act And Unlicensed Money Transmission Offenseshttps://t.co/cbmj4chzG7

- Tree News (@News_Of_Alpha) March 26, 2024

KuCoin Exchange And Founders Accused Of Flaunting AML Laws

Chun Gan (Michael) and Ke Tang (Eric), the named founders, who're each of Chinese origin, aided in the violation of the US Anti-Money Laundering Laws, the cost notes. "Gan, Tang, and KuCoin were aware of their U.S. AML obligations," said the report, including that they "willfully chose to flout these necessities."

It came as they tried to develop KuCoin into turning into one among world’s largest cryptocurrency exchanges. Notably, the trading platform now serves greater than 30 million prospects. The DoJ alleges that the accused:

- Didn't maintain an adequate AML program designed to prevent KuCoin from being used for cash laundering and terrorist financing.- Didn't maintain cheap procedures for verifying the identity of shoppers- Didn't file any suspicious exercise reviews- Didn't register with the Commodities Futures Trading Commission (CFTC) as a futures commission merchant- Didn't register with FinCEN as a cash-transmitting enterprise as much as a minimum of the top of 2023- Did not try to conceal the existence of KuCoin’s US customers so as to make it appear as if KuCoin was exempt from US AML and KYC necessities

Further within the report, the DoJ highlights that since its inception in 2017, KuCoin Exchange clients weren't required to offer any identifying data. In July 2023, the exchange was informed that there was a federal criminal investigation into its actions. Spooked, the alternate launched the identifying information requirements for its purchasers. However, darknet market the characteristic was solely relevant to new clients. Its present customers nonetheless didn't want to offer KYC necessities.

KuCoin Accused Of Being A Vehicle For Laundering Criminal Proceeds

Based on the DoJ, this loophole allowed the KuCoin Exchange to turn into a car for laundering giant sums of criminal funds. Among the many criminal activities cited, embody transferring proceeds from darknet markets and malware, ransomware and fraud schemes.

These actions, in line with the DoJ, noticed KuCoin receive upwards of $5 billion and ship more than $4 billion, of suspicious and criminal proceeds in its seven years of operation. The authority additionally highlighted that a lot 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 buying and selling with a bearish bias, which is predicted as traders flee from publicity to the platform. Prior to now, native tokens for related ecosystems have crashed in the aftermath of legal expenses levied towards respective executives or their platforms. Living proof, when the Terraform Labs ecosystem crashed, the Terra UST stablecoin crumbled. When the FTX platform imploded, FTT crashed, with clients shedding thousands and thousands of dollars.

Within the aftermath of the fees, the trading platform has witnessed large withdrawals. SpotOnChain reviews round $500 million in withdrawals to this point. That is so much in order that there are withdrawal delays, the trade confirmed.

~$500M has been withdrawn from the Kucoin exchange on the Ethereum network prior to now hours after the US Government indicted KuCoin on Criminal Charges.

The top withdrawing:~274M $USDT~15.5K $ETH (~$55M)~50M $ONDO (~$46M)~12M $FET (~$34M)~95.38M $GHX (~$21.8M)

More… pic.twitter.com/6gQW0ybnZB

- Spot On Chain (@spotonchain) March 27, 2024

As traders exit, the KuCoin token price has descended beneath help offered by the 50% Fibonacci placeholder at $12.431. KCS price has also slipped beneath support because of 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 help the case to the downside, starting with the Relative Strength Index (RSI). This momentum indicator is nostril-diving, showing falling momentum. The histograms of both the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) are also flashing pink, proof of growing bearish sentiment. That is accentuated not only by the destructive position of the MACD histograms, but additionally the fact that it is transferring below the orange band of its signal line.

In a dire case, the KuCoin token worth may roll over to the foot of market range at $8.905. This is able to represent a fall of round 25% under current levels.

TradingView: KCS/USDT 1-day chart

Converse Case

Alternatively, should the bulls seize the opportunity to buy the correction, the KuCoin worth could pull back. A decisive candlestick shut above the $14.000 threshold would open the way for an extension to the peak of the market vary at $15.957.

As investors exit the KCS market, consider transferring your holdings into SMOG, a Solana-based mostly venture that analysts say still has the potential for another 1000X positive aspects.

Promising Alternative To KuCoin Token

Smog is a Solana-based mostly meme coin with a distinct flaming dragon theme. It fought for and earned its area on Solana, gaining important traction and a spotlight regardless of fierce competitors from its sector friends.

Within a month, the group quickly adopted the token, resulting in a considerable improve in its value. This had analysts saying it might be the king of Solana meme coins.

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

???? Biggest AIRDROP in $SMOG historical past ????

Only 7 days left till the end of the #SMOG Season 1 #Airdrop! ⏰????The countdown continues! Ensure you do not miss out! ????????

Hop aboard zealy, full your quests, and stage up your XP! ????????

????LINK:➡️ https://t.co/uiTBaacYOE pic.twitter.com/l2farq9dB9

- Omar27 || $ISLM_MAXI ????????????NYAN???????? (@Omartanu27) March 27, 2024

Smog’s preliminary launch on the Solana blockchain was adopted by a strategic expansion to the Ethereum community, broadening its attain.

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

To qualify for the airdrop, SMOG token holders should actively interact in tasks managed by Zealy. To this finish, the mission has allotted 35% of the full token supply of 1.Four billion. The first part of the airdrop that ends on April 3 is understood to incorporate about $1 million in giveaways.

???????? Huge AIRDROP ANNOUNCEMENT ????????

Season 1 of $SMOG airdrop will finish on April third ????

Season 2 begins NOW! #SmogSwap might be extra weighted to buying and holding $SMOG ????

Complete @zealy_io quests to take part! ????https://t.co/JTtFnpOgL1 pic.twitter.com/xFhJr5f9KT

- Almighty (@Almighty_Gives) March 18, 2024

Smog additionally offers buyers the chance to stake tokens for a 42% Annual Percentage Yields (APY). To date, over 25 million SMOG tokens have been staked.