OnChainSchool
๐ KuCoin loses over 77% of its BTC reserves following mandatory KYC announcement
From the initial KYC rumors on June 5, 2023, to the official announcement on June 28, 2023, KuCoin has seen a dramatic decline in its Bitcoin reserves. On-chain data shows a drop from 18,300 BTC to just 4,100 BTC, marking a net outflow of 14,200 BTC โ a 77.6% decrease. While itโs true that the long-term trend of declining BTC reserves on CEXs is observed across the industry, KuCoinโs case is extreme. The timing and magnitude of this outflow strongly correlate with the enforcement of KYC. ๐ This underscores how sensitive users remain to compliance-related changes, especially when privacy are perceived to be at risk.