A company that is changing the way the world mines bitcoin

CoinDesk 2025-01-28 05:07:31

KuCoin to Pay Nearly $300M Fine After Pleading Guilty to DOJ Charges

KuCoin has pled guilty to one count of operating an unlicensed money transmitting business and has agreed to pay penalties of over $297 million, the United States Attorney's Office for the Southern District of New York said in a release on Monday. "KuCoin avoided implementing required anti-money laundering policies designed to identify criminal actors and prevent illicit transactions," U.S. Attorney Danielle R. Sassoon said in a statement. "KuCoin was used to facilitate billions of dollars’ worth of suspicious transactions and to transmit potentially criminal proceeds, including proceeds from darknet markets and malware, ransomware, and fraud schemes," the statement added. As part of the guilty plea, KuCoin has agreed to exit the U.S. market for at least two years and two of the exchange's founders, Chun "Michael" Gan and Ke "Eric" Tang, will also depart from the company. KuCoin served approximately 1.5 million registered users who were located in the U.S., and earned at least approximately $184.5 million in fees from those U.S. registered users, the release said. The release notes that KuCoin employees openly promoted that the exchange did not have a know-your-customer (KYC) program. It was only in August 2023 that KuCoin adopted a KYC process, but it wasn't implemented on existing customers. Gan and Tang, the exchange's founders, have agreed to forfeit approximately $2.7 million in funds that were generated as a result of KuCoin's operations in the U.S. In a press release from KuCoin , Gan said he was stepping down from the exchange to ensure its continued success and he had no intent to violate any U.S. or international law. KCS, KuCoin's exchange token, is up 10% on-day, according to CoinGecko data , however the token is thinly traded.

Meist gelesene Nachrichten

America’s new leadership could lead BTC, ETH,...
2025-01-30
'Deadrop' Game Studio Shutting Down Following...
2025-01-30
Avalanche's (AVAX) Trading Costs Dropped by 7...
2025-01-30
SHIB whales exit meme positions, new altcoin...
2025-01-30
Kraken restores staking services in US after...
2025-01-30
Czech National Bank Considers Bitcoin Reserve...
2025-01-30
Sam Bankman-Fried’s parents want Trump to par...
2025-01-30
ADA investors focus on AI token at $0.04 as a...
2025-01-30

Ähnliche Neuigkeiten

Ethereum's Return To $2,500 Imminent As DOGE Loses...
30 Jan 2025
Giant Memecoin Developers May Have Started Reselli...
30 Jan 2025
Crypto Analyst Says Solana Rival Biding Time Befor...
30 Jan 2025
Norges Bank Investment Management Makes Bold Moves...
30 Jan 2025
Vitalik Raises Concerns Among Investors with Anoth...
30 Jan 2025
Vitalik Worries Investors With Another Strange Pre...
30 Jan 2025

Lesen Sie den Haftungsausschluss : Alle hierin bereitgestellten Inhalte unserer Website, Hyperlinks, zugehörige Anwendungen, Foren, Blogs, Social-Media-Konten und andere Plattformen („Website“) dienen ausschließlich Ihrer allgemeinen Information und werden aus Quellen Dritter bezogen. Wir geben keinerlei Garantien in Bezug auf unseren Inhalt, einschließlich, aber nicht beschränkt auf Genauigkeit und Aktualität. Kein Teil der Inhalte, die wir zur Verfügung stellen, stellt Finanzberatung, Rechtsberatung oder eine andere Form der Beratung dar, die für Ihr spezifisches Vertrauen zu irgendeinem Zweck bestimmt ist. Die Verwendung oder das Vertrauen in unsere Inhalte erfolgt ausschließlich auf eigenes Risiko und Ermessen. Sie sollten Ihre eigenen Untersuchungen durchführen, unsere Inhalte prüfen, analysieren und überprüfen, bevor Sie sich darauf verlassen. Der Handel ist eine sehr riskante Aktivität, die zu erheblichen Verlusten führen kann. Konsultieren Sie daher Ihren Finanzberater, bevor Sie eine Entscheidung treffen. Kein Inhalt unserer Website ist als Aufforderung oder Angebot zu verstehen