KuCoin Agrees to $300M Settlement and U.S. Market Exit Over DOJ Charges

The cryptocurrency exchange pleaded guilty to operating an unlicensed money-transmitting business and failing to implement anti-money laundering measures.

• KuCoin has agreed to pay $297 million in fines and forfeitures after pleading guilty to operating an unlicensed money-transmitting business in the U.S.
• The charges include facilitating billions of dollars in suspicious transactions tied to darknet markets, ransomware, and fraud schemes.
• As part of the settlement, KuCoin will exit the U.S. market for at least two years and implement stricter compliance measures globally.
• Founders Chun Gan and Ke Tang have signed deferred prosecution agreements, forfeited $2.7 million each, and stepped down from all roles at the company.
• KuCoin's new CEO, BC Wong, has pledged to focus on compliance and explore potential reentry into the U.S. market with proper licensing.

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