Huobi, KuCoin, And Binance Still Helping Russian Users Avoid Sanctions

Key Points: According to a report by digital asset data analytics firm Inca Digital, Huobi and KuCoin continue to allow users of sanctioned Russian banks to conduct transactions on their platforms.

Timeline of Kucoin-token

Terra Classic (LUNC) has had a rough go of it since the TerraUSD (UST) crash back in May 2022. Since then, the digital asset has been trading at over 99% less than its value had been but despite this, the cryptocurrency continues to enjoy the support of both small and large investors alike.

Terra Classic (LUNC) Kucoin Staking: The crypto community is welcoming the much needed LUNC staking started by KuCoin. The crypto exchange is back with the LUNC staking service after it delegated 48 billion LUNC in January 2023.

While affected crypto investors are crying foul over the FTX collapse, some are mulling over the idea of making money from the situation. FTX2  is an attempt by a determined bad actor to take advantage of the affected investors.

De Nederlandsche Bank warns that this could make their clients more susceptible to money laundering and terrorism financing. Investors using KuCoin have been warned by the Dutch central bank, De Nederlandsche Bank, which claimed the exchange was operating illegally.

Audit Firm Mazars recently halted operations for massive crypto exchanges, including Binance, Crypto.Com, and KuCoin, following FTX's Collapse, according to Bloomberg. Previous audit reports have been taken down from their website.

On Thursday, the Dutch central bank issued a statement claiming that the cryptocurrency exchange KuCoin is operating in the Netherlands without having the proper registration to do so. According to a statement released by the bank, KuCoin is a subsidiary of a business called MEK Global Limited (MGL), which is registered in the Seychelles.

Football is the most popular sport among crypto investors, per a recent KuCoin survey. Out of the 70% that are watching the FIFA World Cup 2022, nearly half are also trading fan tokens.

In the mad rush to calm worried investors and prevent bank runs following the sudden collapse of FTX, crypto exchanges and lending firms have been publishing their proof-of-reserves.

While trading in the red zone at press time, the KuCoin token (KCS) has lost substantially in the last 7 days. The token had joined the entire crypto market in its downward trend after the FTX implosion.

As the sell-off in the cryptocurrency market continues, sparked by the FTX liquidity crisis spilling over to other participants in the sector, the CEO of KuCoin decided to publicly address the allegations that his trading platform was struggling with insolvency.