##Charges and Lawsuits:
๐ The U.S. Department of Justice (USDOJ) and the Commodity and Futures Trading Commission (CFTC) charged and sued KuCoin and its founders for violating Bank Secrecy Act and Unlicensed Money Transmission laws.
#Accusations against KuCoin:
๐ KuCoin and founders Chun Gan and Ke Tang are accused of violating US Anti-Money Laundering Laws by operating one of the world's largest cryptocurrency exchanges.
#Legal Actions Taken:
โ๏ธ An indictment was filed against KuCoin and its founders by the Southern District of New York Attorney General Damian Williams and Acting Special Agent Darren McCormack of HSI.
#Conspiracies Alleged:
๐ผ KuCoin and founders Chun and Ke Tang allegedly conspired to run an unlicensed money transmission business and violate Bank Secrecy laws.
#Operational Practices:
๐ KuCoin allegedly concealed US user transactions and became one of the largest cryptocurrency exchanges globally, handling billions in daily transactions and trillions annually.
#Non-Compliance Issues:
๐ฐ Despite its US customer base, KuCoin allegedly failed to comply with US laws, neglecting basic anti-money laundering policies and enabling illegal money laundering.
#Message to Cryptocurrency Exchanges:
๐ The indictment sends a clear message to other cryptocurrency exchanges: Comply with US laws if serving US customers. #kucoin #MK_Crypto #LatestTrends