KuCoin announced a partnership with a new law firm to fight US DOJ and CFTC lawsuits.
KuCoin is one of the popular cryptocurrency exchanges in the crypto space. It started operating globally in 2017 and added the ability to deposit regular money (fiat) in 2018. Currently, it ranks 7th in terms of daily trading volume of cryptocurrencies.
On May 28, 2024, KuCoin announced its new partnership with the law firm A&O Shearman to handle lawsuits from the DOJ and CFTC.
KuCoin CEO Johnny said they have had several conversations with these agencies. He is optimistic about the outcome and said KuCoin has reorganized its structure, improved its systems and invested heavily in security and compliance.
In March this year, the US Commodity Futures Trading Commission (CFTC) filed a civil lawsuit against KuCoin, alleging the company had failed to register with the corresponding regulatory authorities. Just before the CFTC lawsuit, KuCoin also faced a Doj lawsuit.
US federal prosecutors have charged crypto exchange KuCoin and two of its founders with violating anti-money laundering laws.
According to the allegations, KuCoin failed to design and implement procedures to prevent it from being used for money laundering and terrorist financing.
Presence of KuCoin in India
KuCoin is currently a very popular crypto exchange in India. Despite legal hurdles in the US, KuCoin has successfully secured registration with the Indian FIU unit.
It is worth noting that KuCoin became the very first foreign crypto exchange to secure FIU registration in the country.
According to the available activities of the KuCoin exchange on the
Just a few weeks ago, crypto exchange Binance also secured registration in the Indian jurisdiction, but the Android app is still not available on the Google PlayStore.
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