Overview

• Canada’s financial intelligence unit fined Seychelles-based Peken Global Ltd., operator of KuCoin, $19,552,000 for anti–money-laundering violations issued on July 28 and disclosed publicly Thursday.
• FinTRAC says KuCoin failed to report 2,952 large virtual currency transactions of $10,000 or more between June 1, 2021 and May 8, 2024, and missed 33 suspicious transaction reports.
• The watchdog cited blockchain-traced links between KuCoin activity and dark‑web marketplaces, as well as transactions tied to a Canadian company designated by the U.S. Office of Foreign Assets Control.
• KuCoin has appealed to the Federal Court and argues it does not meet Canada’s definition of a money‑services business; CEO BC Wong said the firm disputes the findings and penalty.
• In January, KuCoin pleaded guilty in the U.S. to operating an unlicensed money‑transmitting business, agreeing to pay more than US$297 million and to exit the U.S. market for at least two years.