KuCoin digital asset exchange and its co-founders have been charged by US authorities with violations of the Bank Secrecy Act.
KuCoin is a moderately popular cryptocurrency exchange in the crypto market, launched globally in 2017 and added fiat deposit options in 2018. Currently, it ranks 7th globally in terms of 24-hour cryptocurrency trading volume.
On March 26, 2024, the United States Attorney’s Office, Southern District of New York, announced that they had charged KuCoin crypto exchange for suspicious crypto fund transactions.
They accused KuCoin, along with founders Chun Gan and Ke Tang, of violating US anti-money laundering laws to expand KuCoin into one of the largest cryptocurrency exchanges in the world.
Reportedly, this crypto exchange did not comply with the Bank Secrecy Act and KuCoin received more than $5 billion and sent more than $4 billion.
Furthermore, this crypto exchange failed to register with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and the U.S. Commodity and Futures Trading Commission (CFTC).
According to the Fed, KuCoin will not follow the necessary KYC procedures until July 2023. In short, KuCoin can be used by any type of good or bad person for illegal Crypto financing.
Now it will be interesting to see how the KuCoin team will tackle the whole legal hurdles as it is just beginning as we know that the US Securities and Exchange Commission (SEC) has been blindly actively taking action against the Crypto companies. of years.
KuCoin and India
Despite this new legal hurdle for the exchange, KuCoin successfully secured registration with the FIU Unit in India, becoming the first ever global crypto exchange to become a legal crypto trading platform in the jurisdiction of India.
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