Close Menu
StreamLineCrypto.comStreamLineCrypto.com
  • Home
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT
  • Defi
  • Blockchain
  • Metaverse
  • Regulations
  • Trading
What's Hot

Bitcoin Price Could Be Headed For A Surprise Move

June 19, 2025

relief rally or true trend reversal?

June 19, 2025

Bitcoin Top Is In And Price Is Headed For $92,000, Analyst Warns

June 19, 2025
Facebook X (Twitter) Instagram
Friday, June 20 2025
  • Contact Us
  • Privacy Policy
  • Cookie Privacy Policy
  • Terms of Use
  • DMCA
Facebook X (Twitter) Instagram
StreamLineCrypto.comStreamLineCrypto.com
  • Home
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT
  • Defi
  • Blockchain
  • Metaverse
  • Regulations
  • Trading
StreamLineCrypto.comStreamLineCrypto.com

KuCoin exits US market, pays $300M fine for unlicensed operations

January 28, 2025Updated:January 28, 2025No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
KuCoin exits US market, pays 0M fine for unlicensed operations
Share
Facebook Twitter LinkedIn Pinterest Email
ad


KuCoin pleaded responsible to working an unlicensed money-transmitting enterprise in a settlement with the U.S. Division of Justice on Jan. 27, agreeing to exit the U.S. marketplace for two years and pay penalties nearing $300 million. The plea addresses allegations the change did not register with the Monetary Crimes Enforcement Community, preserve anti-money-laundering safeguards, and report suspicious actions, per the U.S. Legal professional’s Workplace for the Southern District of New York.

Courtroom paperwork present KuCoin, based in 2017 and operated by Seychelles-based Peken International Restricted, served roughly 1.5 million U.S. customers and earned them about $184.5 million in charges. Prosecutors mentioned the platform allowed billions of {dollars} value of suspicious transactions, together with potential proceeds from darknet markets, fraud schemes, and different illicit sources. Firm founders Chun Gan (Michael) and Ke Tang (Eric), indicted in March 2024, face deferred prosecution and won’t handle the change in the course of the two years.

The Division of Justice acknowledged that KuCoin didn’t require customers to supply figuring out data till August 2023. Staff had publicly described know-your-customer checks as non-obligatory, even for U.S.-based customers. KuCoin later launched KYC measures for brand spanking new registrants, however current prospects may nonetheless withdraw or shut positions with out assembly these requirements. Prosecutors additionally mentioned KuCoin by no means filed obligatory suspicious exercise studies.

KuCoin’s management responded to the settlement with optimism about future compliance. Newly appointed Chief Govt Officer BC Wong, referencing the decision on social media, credited customers’ help and highlighted KuCoin’s plans to innovate whereas making certain regulatory adherence.

Per the change’s weblog, KuCoin’s KCS token rose 13.7% following information of the plea settlement, suggesting investor reduction and renewed confidence. Bitcoin is up 5% from its native low and trades close to $102,700, whereas Ethereum hovers round $3,203.62.

The plea deal requires KuCoin to forfeit $184.5 million and pay a further felony advantageous of about $112.9 million. Every founder additionally agreed to give up $2.7 million in proceeds. Prosecutors underlined that KuCoin’s failures in compliance facilitated large-scale laundering of probably felony funds, describing the decision as a warning for companies that disregard U.S. monetary guidelines. KuCoin will stay off-limits to U.S. prospects for no less than two years, and the 2 founders is not going to be concerned in operations throughout that interval.

Talked about on this article
KuCoin exits US market, pays 0M fine for unlicensed operationsBlocscale



Source link

ad
300M exits fine KuCoin Market operations pays unlicensed
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Related Posts

Bitcoin Price Could Be Headed For A Surprise Move

June 19, 2025

relief rally or true trend reversal?

June 19, 2025

Bitcoin Top Is In And Price Is Headed For $92,000, Analyst Warns

June 19, 2025

X transforms into a finance hub but sidesteps crypto—for now

June 19, 2025
Add A Comment
Leave A Reply Cancel Reply

ad
What's New Here!
Bitcoin Price Could Be Headed For A Surprise Move
June 19, 2025
relief rally or true trend reversal?
June 19, 2025
Bitcoin Top Is In And Price Is Headed For $92,000, Analyst Warns
June 19, 2025
X transforms into a finance hub but sidesteps crypto—for now
June 19, 2025
Bitcoin doesn’t budge on Israel-Iran war, for now: NoOnes CEO
June 19, 2025
Facebook X (Twitter) Instagram Pinterest
  • Contact Us
  • Privacy Policy
  • Cookie Privacy Policy
  • Terms of Use
  • DMCA
© 2025 StreamlineCrypto.com - All Rights Reserved!

Type above and press Enter to search. Press Esc to cancel.