Kucoin under regulatory pressure, can shorting yie

Kucoin exchange’s native token, Kucoin [KCS], could face increased selling pressure amidst the current lawsuit. New York’s attorney general, Letitia James, has shifted focus to the exchange as part of her spirited crackdown on unregistered cryptocurrency platforms.

On 9 March, the AG filed an official lawsuit against KuCoin for failing to register as a broker or dealer besides “incorrectly” presenting itself as an exchange. 

At press time, KCS had breached a key $8.123 support that could attract more aggressive selling and offer more shorting opportunities at certain levels should bearish sentiment persists.