Here is the reason that Kucoin lost 77 % of bitcoin reserves in less than two years

A recent analysis from Cryptoquant has reported that Kuoin, who has had a fair share of struggles in the past few years, has lost more than 14,000 BTC of its reserves after Kyc has provided mandatory KYC requirements to all users.

On the contrary, the Binance share continues to grow with Clear Market Communator in terms of BTC reserves.

77.6 % decrease in BTC reserves

The pivotal decision that led to the aforementioned decline stems from the shift of a strategy presented in June 2023. After rumors began at the beginning of the month, Kucoin eventually made it official when all its users ordered the completion of the mandatory KYC procedures.

According to For the Cryptoquant’s onchainschool analyst, this decision began in a clear direction that will continue to this day. To be more accurate, the report informed that BTC was held on Kucoin that decreased from about 18300 in early June 2023 to only 4100 BTC – a clear flow of 14200 Bitcoin currencies, which represents a decrease of 77.6 % in less than two years.

The analysis admitted that there is a continuous comprehensive trend that shows that the amount of BTC stored in the stock exchanges is almost everywhere, but the cocoin issue is “extreme”.

“The timing and size of this flow is strongly linked to KYC enforcement,” the analyst concluded.

Soon after 2023, there were reports that the company had leaked a large part of the workforce. In addition, the stock exchange faced organizational issues in the United States, which included a few million dollars.

Binance dominance rises

Although it is correct that investors, in general, get out of the stock exchanges from the stock exchanges, the market share in a specific trading place still increases – Binance. The giant -established giant also had a lot of controversy surrounding it, which included billions of dollars in the settlement of the Ministry of Justice as well as the departure of Zhao as an executive president, but that did not deter the investors.

Only the opposite will last for the total bitcoin reserves to increase over the past five years or so (since the outbreak of Covid-19). Thus, its share has grown to 23 % of all BTC reserves stored in the central stock exchanges.