Summary: KuCoin’s operator, PEKEN Global Limited, has pleaded guilty to running an unlicensed money-transmitting business, agreeing to pay 7 million in penalties and exit the U.S. market for two years. The platform failed to implement necessary anti-money laundering (AML) measures and misled users regarding compliance requirements. The founders will be removed from management, marking a significant legal consequence for the cryptocurrency exchange’s operations in the U.S.
Affected: KuCoin, PEKEN Global Limited
Keypoints :
- KuCoin was charged for not implementing a “know your customer” (KYC) system, allowing illegal transactions.
- The platform facilitated billions in suspicious transactions and concealed its legal obligations from customers.
- Founders Chun Gan and Ke Tang will forfeit .7 million and be removed from KuCoin’s management.