KuCoin to Pay $300 Million in US Unlicensed Business Case
Date: 2025-01-28 Author: Henry Casey Categories: BUSINESS
The exchange admitted its guilt and agreed to pay compensation.
According to the indictment, from September 2017 to March 2024, KuCoin illegally received approximately $184.5 million in fees by servicing approximately 1.5 million users registered in the United States.
The court ordered the confiscation of $184.5 million in revenues, as well as a corporate fine of $112.9 million. The founders of the platform, Michael Gan and Eric Tang, will pay an administrative fine of $2.7 million and leave their leadership positions.
The US Department of Justice has previously taken strict measures against other crypto companies. For example, the BitMEX exchange was fined $100 million for failing to comply with the Bank Secrecy Act and failing to have effective anti-money laundering measures in place.
