KuCoin Faces U.S. Exit, $297M Fine After Legal Settlement
Hey FinTech Fanatic!
KuCoin's operator, Peken Global Limited, will exit the U.S. market for at least two years after pleading guilty to operating an unlicensed money transmitting business. The settlement includes a $297 million penalty, and founders Chun (Michael) Gan and Ke (Eric) Tang will step down from their positions at the company.
According to the U.S. Attorney for the Southern District of New York, KuCoin's lack of required anti-money laundering (AML) measures allowed billions in suspicious transactions through the platform, including proceeds from darknet markets, ransomware, and fraud schemes. The company has reportedly strengthened its compliance framework and platform security over the past two years.
KuCoin will continue operating in other global markets while focusing on compliance practices and regulatory engagement, with plans to explore U.S. market reentry once necessary licenses are secured.
Stay tuned for more updates below 👇. Talk soon!
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