KuCoin Pays $297M to DOJ, Ends US Operations Amid Legal Troubles
KuCoin’s parent company, Peken Global Ltd., pleaded guilty to operating an unlicensed money transmitting business, admitting to violations of U.S. anti-money laundering (AML) and know-your-customer (KYC) regulations.
The company agreed to pay over $297 million in penalties, exit the U.S. market for at least two years, and remove two founders from management. The DOJ revealed that KuCoin facilitated billions in suspicious transactions, including proceeds from darknet markets and fraud schemes. Despite the settlement, KuCoin reassured global users that operations in non-restrictive markets will remain unaffected.
Clever Robot News Desk 29th January 2025
