KuCoin will hold an airdrop, or cryptocurrency giveaway, for its users after being hit with civil and criminal charges relating to money laundering a day earlier.
on the exchange’s blog on March 27. The news comes a day after the United States Justice Department announced charges against the exchange and two of its founders.“I would like to express my gratitude to all KuCoin users, for your support, trust and companionship during the past few days.”
“Recently, on March 26th and 27th, some users experienced longer-than-expected wait times during the withdrawal process. To express our profound gratitude for your support and patience KuCoin will launch a special airdrop event totaling 10 million USD in Rules for the airdrop will be released in three days, Lyu wrote. The recent delays in withdrawals were possibly caused by the high volume as wary customers abandoned the exchange. The airdrop thus rewards users who remained loyal to the exchange in its time of crisis.The timing of the airdrop is noteworthy since KuCoin was hit with a barrage of legal actions one day earlier.
Simultaneously, the Commodity Futures Trading Commission initiated a civil case against the exchange for violations of the Commodity Exchange Act and CFTC regulations.“The lack of monetary consideration for digital assets, such as those distributed via a so-called ‘air drop,’ does not mean that the investment of money prong is not satisfied; therefore, an airdrop may constitute a sale or distribution of securities.
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