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Major Crypto Exchange KuCoin Faces U.S. Criminal Charges

By Published On: March 26, 20241.7 min readViews: 1250 Comments on Major Crypto Exchange KuCoin Faces U.S. Criminal Charges

Authorities claim that KuCoin flouted U.S. anti-money laundering laws in pursuit of growth.

KuCoin, a prominent global cryptocurrency exchange, and two of its founders face criminal charges from U.S. authorities, sparking concerns over the safety of user funds held on the platform.

Chun Gan and Ke Tang are the two founders facing charges. They are accused of conspiring to operate an unlicensed money transmission business and violating the Bank Secrecy Act by willfully failing to maintain an adequate anti-money laundering (AML) program. Authorities allege that under their leadership, KuCoin flouted U.S. AML laws to become one of the world’s largest cryptocurrency exchanges.

Kucoin ranks fifth by trading volume among centralized exchanges, according to Coingecko, and processed over $2 billion of trades in the past 24 hours.

U.S. Attorney Damian Williams emphasized that while KuCoin utilized its significant U.S. customer base to become a major player in the cryptocurrency market, it deliberately chose to disregard U.S. laws.