According to the U.S. Attorney’s Office, KuCoin processed over $5 billion in illicit funds and transmitted more than $4 billion in suspicious transactions. The exchange allegedly facilitated transactions tied to darknet markets, ransomware attacks, and fraud schemes.
Danielle Sassoon, U.S. Attorney for the Southern District of New York, emphasized the consequences, stating:
"Today’s guilty plea and penalties show the cost of refusing to follow these laws and allowing unlawful activity to continue."
As part of the settlement, KuCoin will withdraw from the U.S. market for at least two years and register with FinCEN to comply with financial regulations.
Additionally, KuCoin's co-founder and CEO, Chun Gan (Michael), has stepped down, passing leadership to BC Wong.
This case highlights the growing scrutiny of crypto exchanges and the U.S. government's commitment to enforcing financial compliance in the digital asset space.