KuCoin, the seventh-largest cryptocurrency exchange by 24-hour trading volume, faces criminal and civil charges from the U.S. SDNY prosecutors and the CFTC as of March 26.

Despite the allegations, KuCoin reassures its users that their assets are secure, stating their commitment to compliance with laws and regulations.

The exchange's co-founders, Chun Gan and Ke Tang, face charges related to operating an unlicensed money-transmitting business and breaching the Bank Secrecy Act.

KuCoin remains communicative with its user base and seeks clarity on the situation through legal counsel, but its native token, KCS (CRYPTO:KCS), has experienced a 12% decrease in value within the last 24 hours, reflecting market reactions to the controversy.