<div>
  <p>
  </p>
  <ul>
    <li>
      <p>
        Cryptocurrency exchange KuCoin, along with two of its founders, has been charged with violating anti-money laundering by US federal prosecutors. The charges allege that the exchange operated in the US after failing to register with US government entities and maintain an anti-money laundering (AML) program.
      </p>
    </li>
    <li>
      <p>
        The US Department of Justice (DoJ) stated that KuCoin did not implement a know-your-customer (KYC) or AML program until 2023, and did not register with the US Financial Crimes Enforcement Network as a money services business. Moreover, the indictment also alleges that the exchange &quot;made itself available to be used, and in fact was used, as a vehicle for laundering&rdquo; due to the delayed implementation of the programs and its lack of application to existing customers.&nbsp;
      </p>
    </li>
    <li>
      <p>
        The Commodity Futures Trading Commission (CFTC) also filed a suit against the company, alleging that it failed to register as a futures commission merchant, swap execution facility, or designated contract market. The DOJ is seeking forfeiture and criminal penalties, while the CFTC is seeking fines, trading and registration bans, and an injunction.
      </p>
    </li>
    <li>
      <p>
        <b>Analyst QuickTake: </b>
        Regulatory concerns remain pervasive for crypto exchanges operating in the US. Since last year, KuCoin has undergone a number of legal troubles as a result of a lack of compliance with US government regulations. This news came around three months after the company 
        <a href="https://sp-edge.com/updates/24832">
          discontinued its services for New York customers
        </a>
         as a result of the settlement of a lawsuit filed by the attorney general of the state. 
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://www.cftc.gov/PressRoom/PressReleases/8884-24">
      CFTC release
    </a>
  </p>
  <p>
    <a href="https://www.coindesk.com/business/2024/03/26/crypto-exchange-kucoin-violated-anti-money-laundering-laws-us-charges/?_gl=1*17camit*_up*MQ..*_ga*MTgxMjQ2MzE1Ni4xNzExNjEzMzAx*_ga_VM3STRYVN8*MTcxMTYxMzMwMS4xLjAuMTcxMTYxMzMwMS4wLjAuMA..">
      Coindesk
    </a>
  </p>
  <p>
  </p>
  <p>
  </p>
</div>


Decentralized Finance (DeFi)

ANALYST_QUICK_TAKE

<div>
 
 <p>US federal prosecutors have charged cryptocurrency exchange KuCoin and its two founders with violations of anti-money laundering laws. The charges are based on allegations that the exchange operated in the US without registering with the required government entities or maintaining an anti-money laundering (AML) program.</p>
 <p>According to the US Department of Justice (DoJ), KuCoin didn't implement a know-your-customer (KYC) or AML program until 2023. Neither did it register with the US Financial Crimes Enforcement Network as a money services business. The DoJ's indictment also alleges that the exchange served as a vehicle for money laundering due to the late implementation of these programs and their non-application to already existing customers.&nbsp;</p>
 <p>The Commodity Futures Trading Commission (CFTC) has also lodged a complaint against the company. It accuses KuCoin of neglecting to register as a futures commission merchant, swap execution facility, or designated contract market. The DOJ is now seeking forfeiture and criminal penalties, while the CFTC aims for fines, trading and registration bans, and an injunction.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> Regulatory concerns remain pervasive for crypto exchanges operating in the US. Since last year, KuCoin has undergone a number of legal troubles as a result of a lack of compliance with US government regulations. This news came around three months after the company <a href="https:<br>
//sp-edge.com/updates/24832"> discontinued its services for New York customers </a> as a result of the settlement of a lawsuit filed by the attorney general of the state.</p>

KuCoin charged with violating US anti-money laundering laws

PROMINENT_CATEGORY

<div>
 <p>Cryptocurrency exchange KuCoin has agreed to pay USD 22 million and cease its services for New York clients following a lawsuit by the New York attorney general. The charges accused KuCoin of failing to register tokens for sale on its platform as securities. The firm will refund New York customers with USD 16.8 million and pay the attorney general USD 5.3 million. The services and relevant accounts for New York users will be discontinued within 120 days from the court order's effective date.</p>
</div>

All Updates

KuCoin charged with violating US anti-money laundering laws

KuCoin settles lawsuit for USD 22 million; terminates access for New York users

sKCS.io secures a strategic investment from KuCoin

KuCoin raises USD 10 million in funding

Torches Finance receives strategic investment from KuCoin