KuCoin Exchange and Founders Face Criminal Charges for Bank Secrecy Act Violations and Unlicensed Money Transmission
KuCoin, along with its founders Chun Gan and Ke Tang, faces charges of operating an unlicensed money transmitting business and failing to comply with the Bank Secrecy Act.
Because Bitcoin
March 26, 2024
A recent DOJ press release stated that KuCoin, along with its founders Chun Gan and Ke Tang, faces charges of operating an unlicensed money transmitting business and failing to comply with the Bank Secrecy Act. Allegations include actively concealing its U.S. customer base and facilitating over $5 billion in criminal proceeds since 2017.
The indictment, unveiled by Damian Williams, U.S. Attorney for the Southern District of New York, and Darren McCormack, Acting Special Agent in Charge of HSI New York, highlights KuCoin's failure to implement adequate anti-money laundering measures despite its significant global presence.
Gan, Tang, and KuCoin face serious charges, including conspiracy and operating an unlicensed money transmitting business, with potential sentences of up to five years in prison. The investigation was commended for its dedication to uncovering alleged criminal activities.
The case is being handled by the Office’s Illicit Finance & Money Laundering Unit, with Assistant U.S. Attorneys Emily Deininger and David R. Felton leading the prosecution. The defendants are presumed innocent until proven guilty, and the charges are subject to legal proceedings.
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