KuCoin Admits Guilt and Exits U.S. Market
Cryptocurrency exchange KuCoin has pleaded guilty to illegal operations in the U.S. Authorities accused the platform of violating anti-money laundering (AML) and Know Your Customer (KYC) regulations and facilitating suspicious transactions. As part of a settlement with the U.S. Department of Justice, KuCoin will pay $297 million and exit the U.S. market for two years.
What Are the Charges Against KuCoin?
KuCoin, registered in the Seychelles, had 30 million users across 207 countries. However, U.S. prosecutors claim the platform was used to facilitate billions of dollars in illicit transactions, including:
- Money laundering via darknet markets.
- Processing funds linked to malware, ransomware, and fraud.
- Failure to comply with U.S. regulations (lack of FinCEN registration).
In 2023, KuCoin already paid a $22 million fine in New York but continued operating in the U.S. without a license.
Court Ruling
Under the settlement agreement, KuCoin must:
???? Pay $297 million ($112.9 million in fines, $184.5 million in forfeiture).
???? Suspend U.S. operations for two years.
???? Co-founders Chun Gan and Ke Tang will each pay $2.7 million and step down from company leadership.
What’s Next?
New CEO BC Wong stated that KuCoin will enhance compliance protocols and attempt to re-enter the U.S. market with a proper license.
Despite the controversy, KuCoin remains the eighth-largest cryptocurrency exchange globally, behind Binance and Coinbase.
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