JUST

2024

Bank AI

Bitcoin

<h4><strong>These charges highlight increasing global <a href="https://www.altcoinbuzz.io/?s=regulation" target="_blank" rel="noopener">regulatory scrutiny</a> on exchanges violating U.S. anti-money laundering laws.</strong></h4> 
<p>KuCoin faces allegations from U.S. authorities for deliberately ignoring AML regulations to expand its operations.</p> 
<h5><strong>KuCoin Under Fire for AML Regulation Violations</strong></h5> 
<p>The charges point to a major compliance breach, emphasizing the importance of following the Bank Secrecy Act for entities serving U.S. residents. This act mandates that financial institutions help prevent money laundering, a regulation KuCoin is accused of violating.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">JUST IN: KuCoin exchange founders charged with conspiring to operate an unlicensed money transmitting business and conspiring to violate the Bank Secrecy Act by willfully failing to maintain an adequate anti-money laundering (“AML”) program <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/hBEnwHnUNt">pic.twitter.com/hBEnwHnUNt</a></p> 
 <p>— Bitcoin News (@BitcoinNewsCom) <a href="https://twitter.com/BitcoinNewsCom/status/1772645543178539490?ref_src=twsrc%5Etfw">March 26, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>In addition to the AML concerns, KuCoin is <a href="https://www.justice.gov/usao-sdny/pr/prominent-global-cryptocurrency-exchange-kucoin-and-two-its-founders-criminally" target="_blank" rel="noopener">charged</a> with operating without the necessary license for a money-transmitting business. The licensing ensures businesses transferring money or value are regulated to protect the financial system from illegal use.</p> 
<p>As of now, Chun Gan and Ke Tang remain at large, complicating the legal proceedings and casting a shadow over KuCoin’s future operations.</p> 
<h5><strong>More About KuCoin</strong></h5> 
<p>This situation challenges KuCoin and serves as a warning to other <a href="https://www.altcoinbuzz.io/?s=exchange" target="_blank" rel="noopener">crypto exchanges</a> and fintech companies. As the industry continues to evolve, the importance of regulatory compliance has never been more critical. The actions against KuCoin stress the importance of crypto businesses diligently following legal and anti-money laundering regulations.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">The DOJ and CFTC cases against KuCoin aren't surprising to anyone who's followed US crypto enforcement in recent years.</p> 
 <p>These follow NYAG's case last March, which KuCoin didn't bother to defend.</p> 
 <p>The simple lesson: if you want access to the US market, you need to follow US law.</p> 
 <p>— Jake Chervinsky (@jchervinsky) <a href="https://twitter.com/jchervinsky/status/1772651854352069051?ref_src=twsrc%5Etfw">March 26, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Both the cryptocurrency industry and regulatory bodies will undoubtedly closely watch the unfolding case against KuCoin and its founders, as it may set important precedents for handling similar cases in the future.</p> 
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="aligncenter wp-image-124240" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg" sizes="(max-width: 714px) 100vw, 714px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1068x132.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1.jpg 1197w" alt="Coins" width="714" height="88"></a></p> 
<div class="youtube-embed" data-video_id="IHwzKY33S3Q">
 <iframe title="Hidden Gems: Top 3 Altcoins With ULTRA Low Caps" width="696" height="392" src="https://www.youtube.com/embed/IHwzKY33S3Q?feature=oembed&amp;enablejsapi=1" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div> 
<p><strong>Disclaimer</strong><br> The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/kucoin-and-founders-charged-for-violating-u-s-financial-laws/">KuCoin and Founders Charged for Violating U.S. Financial Laws</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

KuCoin and Founders Charged for Violating U.S. Financial Laws

Altcoin Buzz

Other articles published on Mar 26, 2024

The Impact of Automation: 25 Jobs Facing Machine Takeover

Bitcoin Price Back Above $70,000: May Reach $82,000 If This Trade Plays Out Well

Developer activity rises on Cardano; Milei Moneda eyes growth

LIF3.com integrates Fireblocks to elevate safety and security in next-generation consumer DeFi (2...

Bitcoin Whale Profits Soar To $16.3 Billion Despite Mixed Spot BTC ETF Flows

UAE Central Bank Takes First Steps Towards CBDC Development

Join our free newsletter for daily crypto updates!