Japan FSA flags KuCoin over unregistered services as outflows raise trust concerns

Japan's Financial Services Agency has listed KuCoin among unregistered businesses that received warning letters, citing online solicitation of OTC derivatives. Separate actions and restrictions in Hong Kong, Austria, and Dubai have added pressure, alongside a reported drop in exchange reserves from 14K BTC (2024) to 2100 BTC (early 2026) and stablecoin holdings from over $1.3B to $543M within a year.