Crypto Exchange KuCoin Accused of Bank Secrecy Act Violations

Over the past 24 hours, KuCoin and its founders have been accused of violating the Bank Secrecy Act by the Department of Justice, potentially facing 10 years in prison. Samson Mow predicts a surge in spot Bitcoin ETF inflows this week, despite recent outflows, while Shiba Inu's price rise implies a possible bullish breakout.

KuCoin Indicted for Alleged Bank Secrecy Act Violations

The United States Department of Justice (DOJ) has unveiled criminal charges against crypto exchange KuCoin and two of its founders, Chun Gan and Ke Tang, for alleged violations of the Bank Secrecy Act (BSA). The indictment asserts that KuCoin and its founders failed to implement and maintain an adequate anti-money laundering (AML) program, as required by the BSA.

According to the indictment, KuCoin's actions were intended to conceal the presence of substantial numbers of U.S. users trading on its platform. The exchange allegedly avoided compliance with U.S. law by actively preventing its U.S. customers from identifying themselves as such and misleading investors about its customer base.

Damian Williams, U.S. Attorney for the Southern District of New York, stated that "KuCoin and its founders deliberately sought to conceal the fact that substantial numbers of U.S. users were trading on KuCoin's platform." He further noted that the exchange's alleged failure to maintain required AML and "know your customer" (KYC) programs "allowed KuCoin to be used as a vehicle to launder large sums of criminal proceeds."

Gan and Tang, both Chinese nationals, face up to 10 years in prison if convicted.

Samson Mow Predicts BTC ETF Net Inflows This Week

Samson Mow, CEO of Jan3 and advocate for Bitcoin's valuation at "$1 billion per coin," has made a bullish prediction for spot Bitcoin ETFs this week. These ETFs, which were approved by the Securities and Exchange Commission (SEC) in January, have attracted significant inflows of Bitcoin since their inception.

However, recent days have witnessed a sharp reversal, with outflows of over $850 million worth of Bitcoin from these ETFs. Last week, Mow expressed optimism that these outflows would eventually give way to renewed inflows.

Yesterday, Mow reaffirmed his bullish stance, stating that he "has a feeling this week is going to be a net inflow week." Some commentators speculate that this prediction is linked to Bitcoin ETFs.

As of this writing, Bitcoin is trading at $69,242, down 1.22% over the past 24 hours.

Shiba Inu Poised for Bullish Breakout Amidst Resistance

Shiba Inu (SHIB) has experienced a notable increase of over 4% since the start of the week, approaching the $0.00003 level. Historical analysis reveals a pattern of buyer support emerging whenever SHIB approaches the $0.00003 mark, leading to higher prices.

However, every attempt to break through this resistance point has met with selling pressure. At the time of writing, SHIB is trading at $0.00002994, still struggling to overcome the $0.3 resistance.

Despite this setback, SHIB's persistent growth trajectory suggests that a decisive break above the $0.00003 barrier could trigger a bullish breakout.