KuCoin has pushed again in opposition to claims suggesting it misplaced over 77% of its Bitcoin reserves since 2023.
The crypto alternate labeled the circulating figures deceptive and inaccurate, emphasizing its dedication to transparency and accountable reporting.
KuCoin’s falling Bitcoin reserves?
The controversy stems from a report by Onchain College, a data-focused platform citing information from CryptoQuant.
In keeping with their findings, KuCoin’s Bitcoin holdings reportedly fell from 18,300 BTC in June 2023 to roughly 4,100 BTC by April 2025.
The evaluation attributes this steep drop, which quantities to round 14,200 BTC, to KuCoin’s introduction of obligatory know-your-customer (KYC) guidelines in mid-2023.
The KYC coverage, which took impact in August 2023, required all customers to finish id verification. On the time, KuCoin said the transfer was essential to fight felony exercise similar to cash laundering and terrorism financing.
Onchain College advised this compliance push prompted customers to withdraw funds, citing privateness considerations.
The analytics platform additionally claimed KuCoin’s state of affairs displays a broader development of declining Bitcoin reserves throughout centralized exchanges. Nevertheless, it burdened that KuCoin’s case was notably extra extreme attributable to its timing and scale.
KuCoin releases proof-of-reserve
KuCoin rejected the findings and expressed concern over what it described as irresponsible reporting.
The alternate said that the reported numbers don’t mirror its reserve ranges and warned that wrong information might erode public confidence.
The agency said:
“We’re involved concerning the unfold of false or deceptive data by some platforms. Irresponsible reporting misleads customers and undermines belief within the crypto ecosystem.”
To bolster its place, the alternate shared its thirtieth Proof of Reserves, which confirmed that it held a 106% Bitcoin reserve ratio. This contains about 9,751 BTC in consumer funds and 10,306 BTC in exchange-controlled wallets.
The report additionally confirmed reserve protection of 116% for Ethereum, 114% for USDT, and 109% for USDC.