Kucoin charges for flouting AML laws by US DOJ – Crypto News – Crypto News
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Kucoin charges for flouting AML laws by US DOJ – Crypto News

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12 months ago

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The United States Department of Justice (DoJ) has charged Kucoin Exchange and two of its co-founders Chun Gan and Ke Tang for flouting multiple laws to grow their trading platform into one of the biggest in the nascent industry.

Kucoin Flouts Bank Secrecy Act

According to the charges brought on by Damian Williams the United States Attorney for the Southern District of New York and other top regulators, Kucoin, Chan, and Ke were hit with charges for conspiring to operate an unlicensed money-transmitting business and conspiring to violate the Bank Secrecy Act.

This makes the exchange the latest trading platform to be charged by the DoJ since the $4.3 billion Binance settlement that was reached in Q4 2023. Noting that Kucoin facilitated billions of dollars in daily trade and trillions annually, the regulators noted that the exchange harbored illicit transactions that triggered money laundering activities.

Per the charges, Kucoin helped facilitate up to $4 billion in suspicious and criminal funds.

This is a breaking news, please check back for updates.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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