KuCoin Agrees to Pay $300M Fine to US Regulators
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KuCoin has pleaded guilty to running an unlicensed money transmitting business and will pay over $297 million in fines and forfeiture, according to the US Department of Justice.
The exchange entered its plea before Judge Andrew Carter in Manhattan and will be exiting the US market for two years as part of the agreement.
Two of KuCoin’s founders, identified as Michael (Chun Gan) and Eric (Ke Tang), have also entered separate agreements to forfeit $2.7 million and step down from their roles at KuCoin.
Prosecutors revealed that the exchange had facilitated suspicious transactions worth billions of dollars, including potentially criminal proceeds from activities such as darknet markets, malware, ransomware, and fraud.
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