KuCoin Token

<ul><li>KuCoin and its founders were charged with operating an unlicensed money-transmitting business and violating the Bank Secrecy Act.</li><li>The platform experienced a net outflow of approximately $1.195 billion following the announcement of these charges.</li><li>The U.S. CFTC has also initiated a civil enforcement action against KuCoin for breaches of the Commodity Exchange Act and regulations.</li></ul>United States Justice Department officials have formally accused crypto exchange KuCoin and its two founders, Chun Gan and Ke Tang, of several legal breaches. The <a href="https://www.justice.gov/usao-sdny/pr/prominent-global-cryptocurrency-exchange-kucoin-and-two-its-founders-criminally" rel="noopener noreferrer nofollow">charges</a>, unveiled on March 26, allege the duo operated an unlicensed money-transmitting business and violated the Bank Secrecy Act (BSA).According to the Department, the founders deliberately neglected to uphold an Anti-Money Laundering (AML) program. This oversight purportedly allowed the platform to indulge in money laundering and terrorist financing activities.U.S. Attorney Damian Williams criticized KuCoin and its founders, who “deliberately sought to conceal” the participation of U.S. users on their platform. Williams pointed out that this allowed <a href="https://cryptotale.org/kucoin-exposes-culprit-exchange-user-confirmed-as-mastermind-behind-daily-rug-pulls/" rel="noopener noreferrer nofollow">KuCoin</a> to emerge as a leading cryptocurrency exchange globally, boasting billions in daily trades and annual trading volumes reaching trillions of dollars.<a href="https://cryptotale.org/kucoin-sees-over-1-billion-exit-in-wake-of-doj-and-cftc-charges/" rel="noopener noreferrer nofollow">Read full article at CryptoTale.</a>

KuCoin Sees Over $1 Billion Exit in Wake of DOJ and CFTC Charges

CryptoTale

Other articles published on Mar 27, 2024

3 Sleeper Altcoins That Could Outpace Bitcoin!

BlockDAG’s $9 Million Presale Edges Towards Dominance; DOT Attracts Investment, Fezoo Set for Mar...

Fidelity Proposes Staking-Enabled Ethereum ETF in SEC Filing

Exploring the Layers and Security of Runes Protocol

Bitcoin Price Consolidates Above $70K As Bulls Prepare For More Gains

"BloodLoop Levels Up: $4M Raise Fuels Blockchain Gaming Adoption"

Join our free newsletter for daily crypto updates!