Exchange news

KuCoin to Shut Down US Business and Pay Nearly $300 Million Fine

US authorities will seize cryptocurrency exchange $297 million, and the company will have to leave the American market.

On January 27, during a trial in New York, lawyers KuCoin decided to settle a dispute with the US Department of Justice, whose employees accused the company of providing money transfer services without the required license. Therefore, the exchange will have to pay a fine of $112,9 million and will have $184,5 million confiscated from it, apparently on account of the income obtained illegally.

Additionally, KuCoin pledged to wind down its business in the US for at least two years, and the company’s founders Chun Gang and Ke Tang agreed to leave their posts and stop influencing the organization’s work. In addition, the crypto exchange founders had $2,7 million confiscated because they violated the law.

According to the prosecutor’s office, KuCoin processed billions of dollars in suspicious transactions. The money transfers may have included transactions by drug dealers, hackers, and scammers who have taken to the exchange because of its lack of robust anti-money laundering systems.

This resolution opens a new chapter in history KuCoin, based on our commitment to regulatory compliance, safety and innovation. We will focus on improving operational processes and explore opportunities to re-enter the [U.S.] market with the necessary licenses, the newly appointed CEO said. KuCoin Bisi Wong.

Bisi Wong

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