• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Economy

KuCoin Fined $300M for Unlicensed U.S. Operations

by January 28, 2025
written by January 28, 2025

In a significant legal development, KuCoin, one of the world’s leading cryptocurrency exchanges, has pleaded guilty to operating an unlicensed money-transmitting business in the United States. The company has agreed to pay approximately $297 million in fines and forfeitures as part of the settlement. 

The penalties comprise a $112.9 million criminal fine and a $184.5 million forfeiture. Additionally, KuCoin will cease its operations in the U.S. market for a minimum of two years. Co-founders Chun “Michael” Gan and Ke “Eric” Tang have entered into deferred prosecution agreements, each agreeing to forfeit $2.7 million and step down from their management roles within the company. 

The U.S. Department of Justice highlighted that KuCoin facilitated billions of dollars in suspicious transactions due to inadequate anti-money laundering (AML) and know-your-customer (KYC) protocols. The exchange failed to report suspicious activities and did not register with the Financial Crimes Enforcement Network (FinCEN), as required by U.S. law. 

Founded in 2017 and based in Seychelles, KuCoin rapidly expanded its global presence, amassing over 30 million registered users across more than 200 countries. Despite its international reach, the platform did not implement effective AML and KYC measures, allowing users to conduct transactions without proper identification. 

This settlement follows a previous agreement in December 2023, where KuCoin consented to block users in New York and pay $22 million to settle allegations of operating without proper registration in the state. The company has expressed intentions to enhance its compliance practices and explore opportunities to re-enter the U.S. market with the necessary licenses in the future. 

The case underscores the increasing regulatory scrutiny on cryptocurrency exchanges and the imperative for such platforms to adhere to financial regulations designed to prevent illicit activities.

The post KuCoin Fined $300M for Unlicensed U.S. Operations appeared first on FinanceBrokerage.

0 comment
0
FacebookTwitterPinterestEmail

previous post
Freshman GOP lawmaker rallies behind Trump’s rapid illegal immigration crackdown: ‘No time to waste’
next post
Biden gave Americans the business. Trump is giving us businessmen 

related articles

Oil Prices Rebound After Trump’s Criticism of Powell

April 22, 2025

Trump’s Fed Criticism Sparks Investor Concerns

April 22, 2025

Buy Bitcoin Under $100K Before The Next Bull...

April 22, 2025

BNB Price Surge Leads Crypto Gains as Bitcoin...

April 21, 2025

Bitcoin Slips to $83.6K Amid Nvidia’s $5.5B Charge

April 21, 2025

Fed’s Stagflation Warning Impacts Crypto Markets

April 21, 2025

Gold Price Surge Hits $3,385 Amid Trade Tensions

April 21, 2025

Bitcoin Rebounds to $83,404 Amid Renewed Investor Confidence

April 21, 2025

Memecoins, AI, and DeFi Tokens Lead Crypto Rebound

April 21, 2025

Bitcoin Nears $85K Amid Market Optimism

April 21, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • DOGE slashes millions more in ‘nonsense’ contracts across several federal agencies

    February 12, 2025
  • Morning Glory: Trump has the momentum, as does the Senate GOP

    October 22, 2024
  • Russian leader claims multiple countries prepped to provide Iran nuclear weapons following US strikes

    June 22, 2025
  • Elon Musk’s Neuralink advances with second human implant: 400 electrodes active as trials progress

    August 6, 2024
  • Trump takes well-earned victory lap for Middle East peace triumphs

    May 16, 2025

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 3

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (5,776)
  • Investing (634)
  • Stock (891)

Latest Posts

  • Hillary Clinton blasts Trump’s legal woes amid ‘lock him up’ chants in DNC speech: ‘Only cares about himself’

    August 20, 2024
  • Novartis (NVS) Stock: A Comprehensive Guide for Investors

    August 23, 2024
  • USDCAD and USDCNH: USDCAD is moving sideways for now

    August 13, 2024

Recent Posts

  • Trump envoy visits injured Ukrainian soldiers to deliver message, gets asked simple question

    February 22, 2025
  • House GOP releases scathing report on Biden’s withdrawal from Afghanistan

    September 8, 2024
  • Federal judge clears way for release of special counsel report on Trump election case

    January 13, 2025

Editor’s Pick

  • Trump admin seeks permission to fire head of the Office of Special Counsel

    February 17, 2025
  • Biden to meet with national security team ahead of anticipated Iranian attack against Israel

    August 5, 2024
  • Republican bill would put ‘anarchist jurisdictions’ on notice, threaten federal funding

    July 21, 2025
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock