tldrdaily.news logo
Tag

Kucoin

All articles tagged with #kucoin

cryptocurrency-legal1 year ago

"DOJ Charges KuCoin with Money Laundering Violations and ETH Designated as Commodity by CFTC"

The US has charged KuCoin, a major cryptocurrency exchange, with violating anti-money laundering laws by failing to vet customers and allowing billions of dollars in illicit funds to be transferred since its founding in 2017. The exchange's founders, Chinese nationals Chun Gan and Ke Tang, have also been charged with conspiracy. KuCoin has stated that it respects the laws and regulations of various countries and strictly adheres to compliance standards. Additionally, the US Commodity Futures Trading Commission has filed a civil lawsuit against KuCoin for failing to register its futures and swaps activities with the regulator.

via Reuters|
#anti-money-laundering#compliance-standards#cryptocurrency-exchange
cryptocurrency1 year ago

KuCoin Faces DOJ Charges for Violating Anti-Money Laundering Laws

U.S. federal prosecutors have charged crypto exchange KuCoin and its founders with violating anti-money laundering laws, alleging that the exchange operated in the U.S. without registering or implementing proper KYC and AML programs. The indictment claims KuCoin facilitated money laundering and received over $5 billion in suspicious and criminal funds. Additionally, the CFTC filed a suit against KuCoin for not registering as a futures commission merchant and failing to implement a KYC program. KuCoin's native token (KCS) dropped 5% following the announcement, and Bitcoin's price also experienced volatility.

via CoinDesk|
#anti-money-laundering#cftc#crypto-exchange
cryptocurrency-legal1 year ago

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.

via Department of Justice|
#bank-secrecy-act#cryptocurrency-exchange#cryptocurrency-legal
cryptocurrency2 years ago

KuCoin Settles $22M Lawsuit, Exits New York Crypto Market

KuCoin, a crypto exchange based in Seychelles, has agreed to pay over $22 million to settle a lawsuit with the New York Attorney General (NYAG) over the illegal sale of securities and commodities. As part of the settlement, KuCoin will cease all operations in New York and pay refunds to New York-based users. While KuCoin admitted to operating a crypto exchange where users can buy or sell securities or commodities, it did not specifically acknowledge Ethereum as a security, which was the NYAG's initial aim. This settlement highlights the need for crypto companies to comply with regulations, and it follows New York's history of having strict crypto policies.

via Decrypt|
#crypto-exchange#cryptocurrency#kucoin
cryptocurrency2 years ago

KuCoin Settles Lawsuit, Pays $22M, Exits New York

KuCoin, one of the world's largest cryptocurrency exchanges, has agreed to block New York users from its platform and pay $22 million to settle a lawsuit brought by the state. The lawsuit accused KuCoin of failing to register with the state before allowing investors to buy and sell cryptocurrencies on its platform. The settlement also requires KuCoin to stop trading securities and commodities in New York. This comes as U.S. regulators and law enforcement agencies increase their crackdown on fraud, money laundering, and inadequate investor protections in the cryptocurrency space. The $22 million payment includes a $5.3 million payment to the state and the refunding of $16.7 million worth of cryptocurrency to New York investors.

via Reuters|
#cryptocurrency#cryptocurrency-exchange#kucoin