Sources said that in 2023, KuCoin considered ceasing operations and selling the exchange. Relevant personnel from multiple exchanges including Binance received information about the sale. In 2023, many KuCoin businesses will be spun off at an accelerated pace to reduce risks.
KuCoin was launched into criminal investigation by the U.S. DOJ in 2023, and has also been subject to multiple investigations in China. KuCoin was previously the only major offshore exchange that did not ban US IP.
The DOJ pointed out that KuCoin had a passive attitude towards supervision and never submitted any required suspicious activity reports. In July 2023, when KuCoin was notified of the U.S. criminal investigation into its activities, KuCoin launched a KYC process for new customers. (Wu said)