Major Scandal: KuCoin Crypto Exchange Accused of Violating US Money Laundering Laws!
On Tuesday, federal prosecutors in Manhattan charged KuCoin, one of the world's largest cryptocurrency exchanges, with violating U.S. money laundering laws by neglecting to screen customers since its founding in 2017.
Prosecutors said the Seychelles-based exchange did not register with the Treasury Department to take business from U.S. customers and did not establish procedures to verify customers' identities as required by U.S. law.
KuCoin announced on social media site X that customer assets are safe and that its lawyers are reviewing the allegations.
“KuCoin respects the laws and regulations of various countries and strictly adheres to compliance standards,” he said.
Prosecutors also filed a lawsuit against the exchange's founders, Chinese citizens Chun Gan (34) and Ke Tang (39), on conspiracy charges. According to prosecutors, they are still at large.
The U.S. Commodity Futures Trading Commission filed a separate lawsuit against KuCoin, alleging that it neglected to register its futures and swap activities with the regulator.
