KuCoin allegedly failed to comply with a ruling issued on December 11, 2025 by the Supreme Court of Seychelles, which ordered three entities linked to the exchange to deposit over 2 million USDT plus $10,000 in moral damages to Swiss investor Didier Rabl.
The ruling declared Rabl the sole owner of approximately 21 million CoinPoker (CHP) tokens that the exchange had classified as “abandoned” following a delisting process in 2021, arguing that the notification emails sent to the investor went unread and unanswered, and that KuCoin made no additional attempt to contact him through other means.
The court determined that a unilateral “abandonment” clause included in delisting emails is not sufficient to extinguish a client’s rights over assets already deposited in their account, particularly when that term did not appear in the original contract. Attorney Joshua Chu, co-chair of the Hong Kong Web3 Association, warned that the ruling was issued in the complete absence of KuCoin’s entities, which limits its binding force outside of Seychelles.
For its part, the local Financial Services Authority confirmed having received the ruling and reported that the VASP license application filed by Mek Global Ltd, an entity associated with the exchange, was rejected on June 4, 2025. Rabl indicated that he is preparing new legal actions to enforce the ruling and potentially claim additional damages from KuCoin.
Source: https://fsaseychelles.sc/media-corner/regulatory-updates
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