The US accused KuCoin of violating anti-money laundering laws
Federal prosecutors in the US have accused the cryptocurrency exchange KuCoin and its two founders of violating anti-money laundering laws.
Prosecutors stated that the exchange operated in the US, lied to at least one of its investors about its operations in the US, and failed to register with US government agencies or maintain an anti-money laundering program.
The US Department of Justice (DoJ) stated in an indictment that KuCoin and its founders Chun Gan and Ke Tang operated KuCoin as a money transfer business with more than 30 million customers but did not implement a know your customer (KYC) or AML program until 2023, and even then the KYC program was not applicable to existing customers.
The Department of Justice stated in a press release that neither Gan nor Tang had been arrested.
The DoJ's indictment noted that KuCoin had not registered as a money services business with the US Financial Crimes Enforcement Network.
Federal prosecutors in the US have accused the cryptocurrency exchange KuCoin and its two founders of violating anti-money laundering laws.
Prosecutors stated that the exchange operated in the US, lied to at least one of its investors about its operations in the US, and failed to register with US government agencies or maintain an anti-money laundering program.
The US Department of Justice (DoJ) stated in an indictment that KuCoin and its founders Chun Gan and Ke Tang operated KuCoin as a money transfer business with more than 30 million customers but did not implement a know your customer (KYC) or AML program until 2023, and even then the KYC program was not applicable to existing customers.
The Department of Justice stated in a press release that neither Gan nor Tang had been arrested.
The DoJ's indictment noted that KuCoin had not registered as a money services business with the US Financial Crimes Enforcement Network.