Crypto exchange KuCoin laundered $9B, 'flouted' anti-money laundering laws: DOJ indictment
Powered by @unfolded- The Department of Justice (DOJ) has filed charges against crypto exchange KuCoin and two of its founders, Chun Gan and Ke Tang, for violating anti-money laundering (AML) laws.
- The indictment accuses KuCoin of operating an unlicensed money-transmitting business and violating the Bank Secrecy Act by failing to maintain an adequate AML program, verify customer identities, and file suspicious activity reports.
- The DOJ alleges that KuCoin deliberately evaded US AML and Know Your Customer (KYC) regulations by falsely claiming it had no US customers, despite having a substantial US customer base.
- The government claims that KuCoin allowed its platform to be used for laundering over $9 billion, and the Commodity Futures Trading Commission has also filed a parallel civil action against the exchange.