According to 24-hour trading volume, the cryptocurrency exchange is currently the seventh-largest.
Stay in the know on crypto by frequently visiting Crypto News Today
In the face of numerous criminal and civil accusations brought forth by the Commodity Futures Trading Commission (CFTC) and U.S. Southern District of New York (SDNY) prosecutors on March 26, KuCoin, a cryptocurrency exchange, asserts that the assets of its users are secure.
The exchange stated that “KuCoin is operating well and our users’ assets are absolutely safe.” “We are aware of the relevant reports, and our lawyers are looking into the specifics right now. KuCoin carefully complies with compliance standards and respects the laws and regulations of many nations.” A few hours later, the exchange retweeted again, seemingly unmoved by the groundbreaking accusations made on Tuesday:
“You mean KuCoin? That’s where I found my 100x CryptoGems”
In the meantime, KCS, the native token of KuCoin, has dropped in value by 12% in the last day and is now trading at $12.64 as of this writing. Chun Gan and Ke Tang, the other co-founders of KuCoin who are both Chinese nationals, were charged with crimes earlier in the day by the U.S. SDNY. The two are charged with “conspiring to violate the Bank Secrecy Act by willfully failing to maintain an adequate anti-money laundering (“AML”) program” in addition to plotting to run an unlicensed money-transmitting enterprise.
CryptoCaster Quick Check:
Prosecutors claim that KuCoin failed to register as a legitimate money transmitter with the Financial Crimes Enforcement Network or the CFTC, despite conducting a significant amount of business within the country. Furthermore, the exchange admitted American users without a prior license, even though it presented a façade of compliance with US laws; these users made up over 18% of the exchange’s user base in 2018. Prosecutors stated that KuCoin has received and sent over $5 billion in suspicious and criminal proceeds since its founding in 2017. Stated differently, KuCoin’s success and expansion were greatly attributed to its no-KYC policy.
The parallel CFTC complaint states that KuCoin “failed to implement required know-your-customer (KYC) compliance procedures and offered and executed commodity derivatives and leveraged, margined, or financed commodity transactions to and for people in the U.S. from approximately July 2019 to approximately June 2023.” The CFTC claimed that KuCoin did not implement any IP-verification processes at this time to prevent access by American users. Chun Gan and Ke Tang, the company’s co-founders, are still at large and are the subject of ongoing criminal and civil proceedings. Despite the complaints, KuCoin was not accused of mismanaging users’ assets by regulators or prosecutors.
If this article brought you clarity, insight, or value—support the work that made it possible.
At CryptoCaster, we report on Web3, crypto markets, and institutional finance with no billionaire owners, no shareholders, and no hidden agenda. While mainstream media bends toward Elon Musk, BlackRock, and JPMorgan narratives, we stay focused on what matters: truth, transparency, and the public interest.
We don’t just cover the headlines—we investigate the power structures behind them. From FTX and Ripple to the quiet push for CBDCs, we bring fearless reporting that isn’t filtered by corporate interests.
CryptoCaster is 100% paywall-free. Always has been. To keep it that way, we depend on readers like you.
If you believe independent crypto journalism matters, please contribute—starting at just $1 in Bitcoin or Ether. Wallet addresses are below.
Your support keeps us free, bold, and accountable to no one but you.
Thank you,
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
CRYPTOCASTER HEATMAP
