KuCoin pleads guilty, pays nearly $300 million fine in criminal case
The KuCoin cryptocurrency exchange has pleaded guilty to a charge filed against them in March that they were operating an unlicensed money transmitting business. Since at least 2019, the company willingly ignored US laws requiring them to implement anti-money laundering and know-your-customer programs. Since its founding in 2017, the business permitted around 1.5 million users based in the US to use the platform, despite its lack of registration or compliance with US laws.According to US prosecutors, "KuCoin was used to transmit billions in suspicious transactions and potentially criminal proceeds, including proceeds from darknet markets and malware, ransomware, and fraud schemes."KuCoin has agreed to pay $297 million in penalties, and will leave the US market for at least two years. Furthermore, two company founders who were also charged will no longer work for the company. Prosecutors reached a deferred prosecution agreement with the two founders, who will also forfeit around $2.7 million each. "Kucoin Pleads Guilty To Unlicensed Money Transmission Charge And Agrees To Pay Penalties Totaling Nearly $300 Million" , U.S. Attorney's Office, Southern District of New York
The KuCoin cryptocurrency exchange has pleaded guilty to a charge filed against them in March that they were operating an unlicensed money transmitting business. Since at least 2019, the company willingly ignored US laws requiring them to implement anti-money laundering and know-your-customer programs. Since its founding in 2017, the business permitted around 1.5 million users based in the US to use the platform, despite its lack of registration or compliance with US laws.
According to US prosecutors, "KuCoin was used to transmit billions in suspicious transactions and potentially criminal proceeds, including proceeds from darknet markets and malware, ransomware, and fraud schemes."
KuCoin has agreed to pay $297 million in penalties, and will leave the US market for at least two years. Furthermore, two company founders who were also charged will no longer work for the company. Prosecutors reached a deferred prosecution agreement with the two founders, who will also forfeit around $2.7 million each.
- "Kucoin Pleads Guilty To Unlicensed Money Transmission Charge And Agrees To Pay Penalties Totaling Nearly $300 Million" , U.S. Attorney's Office, Southern District of New York
