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Kucoin si dichiara colpevole in US: $300 milioni di multa
By Daniele Corno
Trouble for Kucoin as it pleads guilty in US to violations on KYC and AML: nearly $300 million fine and founder resigns
KuCoin admits guilt and pays record fine
KuCoin, one of the world’s largest exchanges, has admitted to U.S. charges. The platform was accused of operating an unlicensed money transmission business.
We’re pleased to announce that KuCoin has reached a settlement with U.S. authorities, a major step forward in our journey. This milestone brings clarity to our future and strengthens our commitment to innovation, compliance, and delivering value to our 38M+ users worldwide.… pic.twitter.com/EVZI1UI4Zc
— KuCoin (@kucoincom) January 27, 2025
To settle the matter, KuCoin will pay nearly $300million. Of this, $113 million is a fine and $184.5 million a forfeiture. The US also required Kucoin to cease its activities in the territory for a two-year time period.
Prosecutors said the exchange failed to comply with anti-money laundering rules and did not verify the identities of customers, KYC and AML, allowing suspicious transactions worth billions of dollars.
KuCoin also reportedly failed to report suspicious activity, violating U.S. laws. The CFTC also filed a parallel civil action, highlighting additional compliance problems.
Michael Gan resigns and KuCoin aims for revitalization
In addition to the financial penalties, KuCoin founder, Michael Gan, agreed to a deferred prosecution agreement, forfeiting$2.7 million and resigning from any management role in the exchange.
Dear KuCoin Users & Friends,
I’ve reached a settlement with U.S. authorities and am stepping down from my roles at KuCoin. KuCoin remains strong, and I’m confident in its bright future.— Crypto Michael (@crypto_michaelg) January 27, 2025
KuCoin, based in the Seychelles, was used for transactions related to darknet markets , ransomware and fraud, according to the allegations. However, the exchange said operations outside the U.S. will remain unaffected, underscoring its commitment to compliance and innovation.
Meanwhile, new CEO BC Wong announced plans to strengthen compliance practices and re-enter the U.S. market with the necessary licenses. KuCoin, which has over 30 million users in 207 countries, is aiming for a new chapter as it seeks to regain the trust of the global market.
