CryptoQuant CEO Ki Young Ju compared crypto exchange KuCoin’s condition with FTX after the former was slapped with legal scrutiny. Amidst regulatory challenges faced by KuCoin, Ju provided insights into why KuCoin is unlikely to face a fate similar to FTX.
KuCoin Has Sufficient Reserves To Process Withdrawals
Ju emphasized the robustness of KuCoin’s on-chain reserves, particularly in Bitcoin (BTC) and Ethereum (ETH) withdrawals. Despite facing a surge in withdrawals, driven mainly by retail users, KuCoin’s reserves remain sufficient. Moreover, the crypto exchange witnessed only a minor impact on their overall reserve.
According to Ju, KuCoin doesn’t commingle customers’ funds and exhibits organic reserves, a notable difference from FTX’s practices. Furthermore, comparing KuCoin and FTX reserves, Ju highlighted other significant differences. While KuCoin’s reserves appeared stable and organic, FTX’s reserves were close to zero, according to a snapshot shared by Ju.
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