Crypto Blog
Major crypto exchange KuCoin, along with two of its founders, was alleged to have failed to implement anti-money laundering and know-your-customer procedures.
The prosecutors allege that KuCoin and its founders served customers in the US but failed to register with the Financial Crimes Enforcement Network as a money-transmitting firm and the Commodity Futures Trading Commission while operating as a futures commission merchant. U.S. Attorney Damian Williams claimed that KuCoin used its “sizable US customer base” to catapult itself to one of the world’s biggest crypto exchanges.
Darren McCormack, HSI Acting Agent in Charge, said in a statement that KuCoin, Gan, and Tang were allegedly involved in an “alleged multi-billion dollar criminal conspiracy.”
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