KuCoin Cryptocurrency exchange declared airdrop of both Bitcoin (BTC) and KuCoin (KCS) tokens. The total amount distributed will be $10 million. CEO Johnny Lyu stated this in his letter, which was encompassed by a blog post, acknowledging the service’s users for their constant support in spite of the difficulties of recent times.
An airdrop as a follow-up to previous issues observed regarding the delays in the withdrawal process experienced by certain users on the 26th and 27th of this month has been announced.
Liu tapped but did not directly mention the situation reached by the exchange, which involved the legal issues the exchange was facing.
The recent action by the U.S. Department of Justice charging two KuCoin founders with breaking the Bank Secrecy Act and conducting unregistered money transfers is concerning. While the CFTC filed a civil case for the violation of the Commodity Exchange Act and CFTC rules, banks in Australia and Singapore sold large quantities of Bitcoin to push the price down.
The exchange platform still urges users to focus on legal barriers to security. Nonetheless, the statement of the airdrop release may involve some risks of law and order because the SEC sums up the issue of the distribution of digital assets. The airdrop on KuCoin is expected to introduce time for the rules in three days.
Also Read: KuCoin Exchange Hit by $200M Withdrawals After DOJ Charges
