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The Coin Rise 2025-01-28 09:28:36

KuCoin Settles with U.S. Authorities, Agrees to Pay $300M and Exit Market

KuCoin, a prominent cryptocurrency exchange operated by Peken Global Limited, has pleaded guilty to operating an unlicensed money-transmitting business in the United States. Announced on January 27 by the Department of Justice, the settlement requires KuCoin to forfeit $184.5 million and pay an additional $112.9 million fine, bringing the total penalty to nearly $300 million. As part of the agreement, KuCoin’s founders, Michael Gan and Eric Tang, will step down from all operational roles and forfeit $2.7 million. The company has also agreed to withdraw from the U.S. market for two years while undergoing compliance improvements. KuCoin Fails to Comply KYC Measures KuCoin faced accusations of lacking basic compliance measures, such as Know Your Customer (KYC) protocols, which are critical to preventing illicit activities like money laundering. Until July of last year, KuCoin reportedly did not require customer identity verification, a practice openly acknowledged by employees on social media. The Justice Department highlighted that KuCoin also failed to register with the Financial Crimes Enforcement Network (FinCEN), a legal requirement for financial service providers in the United States. In response to the settlement, Michael Gan stated the constructive nature of the resolution and maintained that neither he nor Tang had engaged in fraudulent or criminal behavior. KuCoin’s Chief Legal Officer BC Wong will assume the role of CEO as the company seeks to stabilize its global operations. Effects in the Crypto Industry Despite the U.S. exit, KuCoin assured users in other markets that its services remain unaffected and that the exchange has strengthened its security and compliance framework. KuCoin’s settlement follows a similar regulatory crackdown on BitMEX earlier this month, which was ordered to pay $100 million for non-compliance with Anti-Money Laundering regulations. The regulatory scrutiny of crypto exchanges continues to escalate, with U.S. regulators reportedly collecting over $19 billion from legal settlements involving crypto firms as of October last year. The post KuCoin Settles with U.S. Authorities, Agrees to Pay $300M and Exit Market appeared first on TheCoinrise.com .

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