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KuCoin Is Accused Of Money Laundering And Other Crimes By U.S. Regulators

Mary Liu

Summary: According to an announcement from the U.S. Department of Justice, KuCoin and its two founders, Chun Gan and Ke Tang, were charged with violating the Bank Secrecy Act and unauthorized fund transmission.  The U.S. Commodity Futures Trading Commission (CFTC) accused KuCoin of operating an illegal digital asset derivatives exchange. The DOJ said that due to ...

According to an announcement from the U.S. Department of Justice, KuCoin and its two founders, Chun Gan and Ke Tang, were charged with violating the Bank Secrecy Act and unauthorized fund transmission. 

The U.S. Commodity Futures Trading Commission (CFTC) accused KuCoin of operating an illegal digital asset derivatives exchange.

The DOJ said that due to KuCoin's deliberate failure to maintain required AML and KYC programs, KuCoin has been used as a vehicle to launder large amounts of criminal proceeds, including proceeds from darknet markets as well as malware, ransomware, and fraud schemes. Since its inception in 2017, KuCoin has received more than $5 billion in suspicious and criminal proceeds and sent more than $4 billion in suspicious and criminal proceeds. 

GAN and TANG are still at large.

In its ongoing litigation against KuCoin, the CFTC seeks restitution of disgorgement, civil penalties, permanent trading and registration bans, and a permanent injunction against further violations of CEA and CFTC regulations.

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