Kucoin, One of the World’s Larget Cryptocurrency Exchanges, please guilty on monday to operating an unlicensed money transmitting business, and agreed to more than $ 297 Mills And forfeital, the US department of justice said.
Peken Global Ltd, which operates as KucoinENTERED Its Please Before Us District Judge Andrew Carter in Manhattan.
The plea includes a $ 112.9 million (roughly Rs. 976 Crore) Criminal Fine and $ 184.5 Million (Roughly Rs. 1,596 Crore) Forfeitor, and Calls for Kucoin to Exit the Us MARKET FOR ATOAST TWO YEAST.
Two kucoin founders – chun gan, knowledge as michael; And ke tang, Know as Eric-Each Agreed to Enter two-Year Deferred Prosecution Agreements, Forfeit $ 2.7 Million (Roughly Rs. 23.3 Crore), and Cede Any Role In Kucoin ‘ Ment said.
Prosecutors Said Seychelles-Based Kucoin Had Been Used to Facilitate Billions of Dollars of Suspicious Transactions, and to Transmit Potanical Criminal Procedes Including from DARKETS Are and fraud.
This resulted from kucoin’s alleged failure to implement effective anti-money laundering and knowledge and knowledge.
Kucoin also failed to report Suspicious Transactions or Register with the US Department of the Treasury’s Financial Crimes Enforcement Network, or Fincen, Prosecutors Said.
Founded in 2017, Kucoin Had more than 30 million registered users in at least 207 countries and territories as of March 2024, Court Papers Show.
“This resolution signifies a new chapter for kucoin, one that reaffirms our dedication to compliance, security and innovation,” BC WONG, Who was named Kucoin Cucune CuCoin CuCoin CuCoin Cucune Cucune Chife Ficer, said in a statement.
“We are focusing on Strengthening our Global Compliance Practices and Exploring Opportunities to Reenter The Market With The Necessary Licenses,” Wong Added.
Alexander wilson, a lawyer for gan, in a statement said the resolution reflected his client’s Lack of Intent to Violate Us Law or Be Involved in Money Laundering, Fraud and Simlar criminal activity.
David Meister, A Lawyer for Tang, Declined to comment.
In December 2023, Kucoin Agreed to Block New York Users and Pay $ 22 Million (Roughly Rs. 190 Crore)
Kucoin is the world’s eighth-largest Cryptocurrency Spot Exchange Based on Factors Including Traffic, Liquidity and Trading Volumes, According to Data Company CoinManyKetcap. Binance and coinbase are among higher-ranking exchanges.
© Thomson Reuters 2025
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