KuCoin Faces $300 Million Penalty After Pleading Guilty To US Charges

Share This Post

Cryptocurrency exchange KuCoin has pleaded guilty to operating an unlicensed money transmitting business, as reported by Bloomberg. 

KuCoin Agrees To Hefty Fines 

The plea was made before US District Judge Andrew Carter in Manhattan, who imposed a substantial penalty on KuCoin. The company agreed to pay nearly $300 million in fines and forfeitures, which includes a fine of approximately $113 million and forfeitures totaling $184.5 million. 

Bloomberg reports that this resolution addresses a criminal case that follows a series of civil claims that the exchange settled in New York more than a year ago.

In 2023, the exchange faced significant scrutiny from regulators, leading to a settlement that required it to block New York users from its platform. 

As part of that agreement, KuCoin also paid $22 million to settle a lawsuit initiated by the state, which accused the platform of failing to register before allowing investors to trade cryptocurrencies.

Founders Seek Relief Through Deferred Prosecution Deals

Adding to the complexity of this case, two of KuCoin’s co-founders have signed deferred prosecution agreements with the US Department of Justice (DOJ). 

These agreements typically allow individuals to avoid prosecution by complying with certain conditions set forth by the government, indicating a possible pathway for the founders to mitigate legal repercussions.

This recent event highlights the growing regulatory scrutiny confronting cryptocurrency exchanges in the United States. Nevertheless, with President Donald Trump’s second term, these developments are anticipated to decrease markedly.

The current 47th President of the United States has committed to a more transparent and pro-crypto regulatory environment, intending to create a strategic digital asset reserve.

KuCoin

At the time of writing, the exchange’s native token KCS has dropped 4% to its current trading price of $12.80. 

Featured image from DALL-E, chart from TradingView.com

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

BNB Ready To Breakout? New ATH Coming ‘In No Time’ If This Resistance Breaks

BNB is among today’s market leaders after seeing a 5% surge in the past 24 hours Amid its recent performance, the token is retesting key levels, leading some market watchers to forecast new highs

Solana Price Today: This Meme Coin Sees 130% Rally While Solana Pushes for $175

The post Solana Price Today: This Meme Coin Sees 130% Rally While Solana Pushes for $175 appeared first on Coinpedia Fintech News Solana Price is now at $128 It couldn’t beat the bearish momentum

Bank of Korea Rejects Bitcoin for Reserves, Citing High Volatility and Liquidity Concerns

South Korea’s central bank has ruled out adding bitcoin to its foreign exchange reserves, citing extreme price volatility and failure to meet liquidity and investment-grade standards This stance

Metaplanet Expands Bitcoin Holdings Amid Market Corrections and Strategic Financing

The post Metaplanet Expands Bitcoin Holdings Amid Market Corrections and Strategic Financing appeared first on Coinpedia Fintech News Metaplanet Inc (Tokyo: 3350), a fast-growing company through a

Trump’s SEC Pick Paul Atkins Faces Shocking Delay – Missing Paperwork Stalls Confirmation!

The post Trump’s SEC Pick Paul Atkins Faces Shocking Delay – Missing Paperwork Stalls Confirmation! appeared first on Coinpedia Fintech News Paul Atkins, President Donald Trump’s nominee for

Burwick Law Sues LIBRA Memecoin Creators Over Deceptive Token Launch

The post Burwick Law Sues LIBRA Memecoin Creators Over Deceptive Token Launch appeared first on Coinpedia Fintech News The Supreme Court of New York is set to review the Libra token case after a