According to 24-hour trading volume, the cryptocurrency exchange is currently the seventh-largest.
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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.
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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.
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