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Crypto Exchange KuCoin Violated Anti-Money Laundering Laws, U.S. Charges

U.S. federal prosecutors charged crypto exchange KuCoin and two of its founders with violating anti-money laundering laws on Tuesday, saying the exchange operated in the U.S., lied to at least one of its investors about operating in the U.S. and failed to both register with U.S. government entities and maintain an anti-money laundering program. The U.S. Department of Justice said in an indictment that KuCoin and founders Chun Gan and Ke Tang operated KuCoin as a money-transmitting business with over 30 million customers. The DOJ indictment said that KuCoin did not register with the U.S. Financial Crimes Enforcement Network as a money services business. KuCoin’s native token (KCS) dropped by 5% following the announcement.

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