On March 26, the U.S. Attorney’s Office for the Southern District of New York stated that the cryptocurrency trading platform KuCoin and its two founders were charged with bank secrecy laws and unauthorized fund transmissions, and charged them with conspiring to operate without authorization. licensed money transmission business and conspired to violate the Bank Secrecy Act, knowingly failed to maintain an adequate anti-money laundering (AML) program designed to prevent KuCoin from being used for money laundering and terrorist financing, failed to maintain reasonable customer identity verification procedures, and Submit any suspicious activity reports. KuCoin was also accused of operating an unlicensed money transmission business and material violations of the Bank Secrecy Act. Affected by the relevant news, multiple whale addresses are transferring assets from KuCoin to other trading platforms. Data on the Nansen chain shows that Kucoin has had a net outflow of $649 million in tokens in the past seven days, and a net outflow of $641 million in tokens in the past 24 hours.