US authorities charge KuCoin exchange over suspicious crypto transactions

KuCoin digital assets exchange & its co-founders charged by the US authorities over violations of the Bank Secrecy Act.

KuCoin is an averagely popular cryptocurrency exchange across the crypto market, launched globally in 2017 and added fiat deposit options in 2018. Currently, it ranks 7th globally for 24-hour cryptocurrency trading volume.

On 26 March 2024, The U.S. Attorney’s Office, Southern District of New York, announced that they charged KuCoin crypto exchange over suspicious crypto fund transactions.

They charged KuCoin, along with its founders Chun Gan and Ke Tang, allegedly violating US anti-money laundering laws to expand KuCoin into one of the largest cryptocurrency exchanges worldwide.

Allegedly this crypto exchange failed to comply with the Bank Secrecy Act and KuCoin received over $5 billion & sent over $4 billion.

Also, this crypto exchange failed to register with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) and with the U.S. Commodity and Futures Trading Commission (CFTC).

According to the Feds, KuCoin fails to follow necessary KYC procedures until July 2023. In short, KuCoin could be used by any type of good or bad person for illegal Crypto funding.
Now it will be interesting to see how the KuCoin team will handle the whole legal hurdles because it is just beginning, as we know the United States Securities and Exchange Commission (SEC) has been actively taking action against the Crypto companies blindly for the last couple of years.

KuCoin & India

Despite this new legal hurdle for the exchange, KuCoin successfully secured registration with the FIU unit in India and with that KuCoin became the first ever global crypto exchange to become a legal crypto trade platform in the jurisdiction of India.

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