Kucoin has refuted claims it lost over 77% of its bitcoin ( BTC) reserves since the mandatory know your customer (KYC) announcement on June 28, 2023. The crypto exchange insisted that the data presented on Cryptoquant to support the assertion is “factually incorrect and highly misleading.” In a post on X, Kucoin said the figures from the Cryptoquant author’s research do not in fact “reflect our actual holdings.”

The crypto exchange’s remarks came shortly after a Cryptoquant “Quicktake” author released a report whose data show Kucoin’s holdings declining from 18,300 BTC on June 28, 2023, to around 4,100 BTC. The author known as “Onchainschool,” claimed KYC rumors, which began on June 5, 2023, precipitated the decline.

“While it’s true that the long-term trend of declining BTC reserves on CEXs is observed across the industry, Kucoin’s case is extreme. The timing and magnitude of this outflow strongly correlate with the enforcement of KYC,” the Cryptoquant “Quicktake” author concluded.

The author of the analysis added that the decline further demonstrates how sensitive users remain to compliance-related changes, especially when privacy is perceived to be at risk. However, in pushing back against the assertions, Kucoin warned Cryptoquant against disseminating information that may erode the market’s trust in digital asset platforms.

“We are deeply concerned by the publication of such unverified claims and urge Cryptoquant to act responsibly and exercise greater diligence when sharing data that may impact market trust,” the crypto exchange stated.

Kucoin also directed users to its official proof of reserves (POR) page to verify the status of its BTC holdings. As shown on the POR website, Kucoin’s reserves as of April 30, 2025, were overcollateralized with the BTC reserve ratio at 106% while the ETH reserve ratio stood at 116%.

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