KuCoin has agreed to exit the U.S. market for two years and pay nearly $300 million in penalties after pleading guilty to operating an unlicensed money-transmitting business. The settlement with the U.S. Department of Justice addresses significant anti-money laundering lapses, including failure to register and report suspicious activities. The exchange, which served about 1.5 million U.S. users, will forfeit $184.5 million and pay an additional criminal fine of approximately $112.9 million, while its founders will not manage the platform during the penalty period.
about KuCoin Exits US Market and Pays 300 Million Dollar FineGan Chun
0 posts last weekKuCoin Founders Resign After $300 Million Settlement Over US Charges
KuCoin co-founders Chun Gan and Ke Tang have stepped down following a $300 million settlement for operating an unlicensed money-transmitting business. The plea agreement includes a $113 million fine and $184.5 million in forfeitures, with both founders forfeiting $2.7 million each. Gan described the resolution as a “favorable outcome” and expressed confidence in KuCoin’s future under CEO BC Wong.
about KuCoin Founders Resign After $300 Million Settlement Over US ChargesKuCoin pleads guilty and agrees to pay 300 million in fines
KuCoin has pleaded guilty to operating an unlicensed money-transmitting business, agreeing to pay $300 million in fines and forfeitures. The founders, Chun Gan and Ke Tang, were charged with failing to implement anti-money-laundering measures, violating the Bank Secrecy Act, and will forfeit $2.7 million each. This follows a previous settlement with New York authorities, where KuCoin paid $22 million for operating without proper registration.
about KuCoin pleads guilty and agrees to pay 300 million in fines