KuCoin denies allegations of extorting $180,000 in volume-boosting fees

22 Feb, 2019 | Updated: 22 Feb, 2019
by Richard Allen
Update
KuCoin denies allegations of extorting $180,000 in volume-boosting fees

KuCoin has come out denying the recent allegations that the Singapore-based exchange was requiring low transaction volume projects to pay up to $180,000 or risk being delisted.

Rumors began circulating lately that KuCoin was offing projects that were failing to meet the exchanges required trading volume “volume-boosting” offers that led some to believe the exchange was engaging in wash trading.

Read more: KuCoin allegedly gave smaller projects "volume-boosting" offers

Now, KuCoin has come out in response to these rumors. Senior marketing manager at the exchange told local media outlet Caijing:

“No market maker is affiliated with the exchange. We have launched an internal investigation into the event and did not find any KuCoin employee had received $180,000 in volume-boosting fees,” adding that KuCoin did not force any project to make a market-making plan.

According to a source, the email that sparked the allegations originated from a former KuCoin employee that had resigned in August 2018. While employed at the exchange, he was responsible for crypto listings, ICO marketing, and crypto liquidity. He reportedly has no ties to KuCoin now.

Read more about: Kucoin

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