From Nasdaq: 2024-03-26 12:57:45

Federal prosecutors in Manhattan charged KuCoin, a major cryptocurrency exchange, with violating U.S. anti-money laundering laws for allowing billions in illicit funds to be transferred since 2017. The exchange failed to vet customers and did not register with the Treasury Department for U.S. business, according to prosecutors.

KuCoin responded on social media, assuring customers that their assets are safe and stating their commitment to complying with regulations. The exchange’s founders, Chinese nationals Chun Gan and Ke Tang, were charged with conspiracy and are currently at large. The U.S. Commodity Futures Trading Commission also filed a civil lawsuit against KuCoin for not registering its activities with the regulator.

Despite facing legal challenges, KuCoin remains behind Binance, Coinbase, and Kraken in rankings for cryptocurrency spot exchanges. The exchange agreed in December to block New York users and pay $22 million to settle a lawsuit with the state. KuCoin’s compliance and standing in the market continues to be monitored by industry observers and regulators.

Read more at Nasdaq: US charges KuCoin crypto exchange with anti-money laundering failures