Kucoin was one of the exchanges that was known for not having KYC , and is possibly why it was able to amass more than 30 million customers.

Having said that, on Tuesday federal prosecutors charged the crypto exchange and two of its founders with violating anti money laundering laws.

The price of (KCS) Kucoins token has dropped 5% since the news became public.

This goes to show that the DOJ is placing all businesses of the same color in the same bucket even though there may be no wrong doing, furthermore kucoin is a company based in "Seychelles" yet it is still being charged.

A special agent who was investigating Kucoin called it an "alleged multibillion dollar criminal conspiracy".

Kucoin known as "The peoples exchange" may soon have to rebrand itself if it becomes compromised.

Disclosure: I personally use Kucoin and will have to evaluate if my funds will be okay there, given the risks associated.

*Update* As of May/2024 Kucoin compensated most of its users that kept their funds in the exchange*