KuCoin Fined $300M for Unlicensed Operations

KuCoin Pleads Guilty, Agrees to $300 Million in Fines

• KuCoin admitted to operating an unlicensed money-transmitting business.
• The crypto exchange agreed to pay $300 million in fines and forfeitures.
• Peken Global Ltd., one of KuCoin’s entities, entered the plea in Manhattan.
• Founders Chun Gan and Ke Tang were charged with failing to implement anti-money-laundering measures.
• The founders agreed to deferred prosecution agreements, each forfeiting $2.7 million.
• KuCoin previously settled a civil case for $22 million with New York authorities.

KuCoin, a Seychelles-based crypto exchange, pleaded guilty to operating an unlicensed business and will pay $300 million in penalties. Founders Chun Gan and Ke Tang faced charges for inadequate anti-money-laundering protocols.