KuCoin Facing Scrutiny for High Interest Rates

KuCoin is under scrutiny for boasting high APRs on its KuCoin Earn page. The company’s website says that the rates are part of a promotion for a dual investment product. This has caused 24-hour volumes on the exchange to go up significantly.

The dual investment product is a derivative that allows clients to deposit money in one currency and potentially make a profit by withdrawing it in another currency when the contract expires. These products tend to offer high interest rates because they can be very risky.

KuCoin CEO Johnny Lyu has said that protecting user funds is the top priority for the company. KuCoin has published the balances of some of its wallets and their addresses. However, the company has not yet provided an audit from a third-party accounting firm.

By Evey Lovelace

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