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KuCoin’s token gains 30% in 24 hours, What’s behind this pump?

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Following the recent market correction, overall cryptocurrencies are struggling to gain momentum, including top players like Bitcoin (BTC) and Ethereum (ETH). Despite this, the KuCoin token (KCS) has surged significantly by over 30% in the last 24 hours. The potential reason behind this massive price surge of KCS tokens is the recent KuCoin Labs investment in the BTC Layer 2 project, Dovi.

KuCoin Labs’iInvestment in Dovi and KCS price surge

Dovi is a provider of solutions for Bitcoin Layer 2, which received a substantial investment from KuCoin Labs, although the exact investment amount is not yet disclosed. However, the impact of the investment into Dovi was evident in the price of the KuCoin token, as it surged over 30%.

KuCoin’s $22 million settlement with New York state

Additionally, apart from this massive price surge and the KuCoin Labs investment, the Seychelles-based cryptocurrency exchange KuCoin has reached a settlement of $22 million with the state of New York for operating as an unregistered exchange. The New York Attorney General, Letitia James, announced the settlement, outlining $16.7 million in refunds to New York State residents who used the platform and $5.3 million in fines.

In a statement, Attorney General James highlighted that cryptocurrency firms must adhere to the same regulations as traditional financial institutions. However, customers in New York have only 90 days to claim refunds in cryptocurrency by emailing kucoinrefund@ag.ny.gov. Following this period, the site will no longer be accessible to residents of New York.

Currently, KuCoin is ranked as the 4th largest exchange globally by CoinMarketCap, with an estimated $1.23 billion in trading volume over the previous 24 hours. 

This settlement is part of New York’s recent legal actions against cryptocurrency entities, including a civil lawsuit in October against major industry players. Additionally, the state’s Department of Financial Services has implemented stricter rules for listing and delisting assets on authorized exchanges.

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