• US DOJ has hit KuCoin and two founders with cash laundering fees.
• KCS value fell sharply after the scoop.

The US Justice Department has charged KuCoin and two co-founders of the crypto change for working “an unlicensed cash transmitting trade and for Bank Secrecy Act violations.

An announcement the USA launched on Tuesday, March 26 indicated the USA had charged Chun Gan and Ke Tang for flouting US anti-money laundering rules as they sought to develop the change into one of the vital biggest on the earth these days.

“As today’s Indictment alleges, KuCoin and its founders deliberately sought to conceal the fact that substantial numbers of U.S. users were trading on KuCoin’s platform,” US Attorney Damian Williams stated in a press free up.

Williams added”

“KuCoin allegedly took advantage of its sizeable US customer base to become one of the world’s largest cryptocurrency derivatives and spot exchanges, with billions of dollars of daily trades and trillions of dollars of annual trade volume.”

As neatly because the DOJ’s prison fees, KuCoin has additionally been sued through the USA Commodity Futures Trading Commission (CFTC).

The CFTC says KuCoin has operated an unlawful crypto derivatives buying and selling platform. Per the submitting, the change allegedly presented commodity futures and swaps amongst different commodity similar services and products with out the approval of the fee.

KuCoin is the most recent crypto change to stand fees in the USA, with Binance agreeing a $4.3 billion agreement for similar violations. Former Binance CEO Changpeng Zhao stepped down as a part of the settlement. He pleaded accountable to fees and shall be sentenced on April 30.

KuCoin value

Following these days’s information, the value of KCS, the local KuCoin token, plummeted sharply. At the time of writing, KCS traded at $12.6, falling from highs of $14.50.

KuCoin posted on X in a while after the scoop free up, assuring customers that every one property had been protected.

#KuCoin is working neatly, and the property of our customers are completely protected. We are conscious about the similar experiences and are these days investigating the main points via our attorneys. KuCoin recognize the rules and laws of quite a lot of international locations and strictly adheres to compliance…

— KuCoin (@kucoincom) March 26, 2024