KuCoin and Founders Charged with AML Violations by US Government

The prominent global cryptocurrency exchange KuCoin and two of its founders have been criminally charged with operating an unlicensed money transmitting business and violating the Bank Secrecy Act by failing to maintain an adequate anti-money laundering program. The indictment alleges that KuCoin deliberately concealed the fact that substantial numbers of U.S. users were trading on its platform and failed to implement basic anti-money laundering policies, allowing the exchange to be used as a haven for illicit money laundering. The founders, CHUN GAN and KE TANG, remain at large, and the charges carry potential maximum sentences of up to 10 years in prison.