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Bitcoin

KuCoin Faces $300 Million Penalty After Pleading Guilty To US Charges

Ronaldo Marquez
by Ronaldo Marquez
7 months ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Cryptocurrency exchange KuCoin has pleaded guilty to operating an unlicensed money transmitting business, as reported by Bloomberg. 

KuCoin Agrees To Hefty Fines 

The plea was made before US District Judge Andrew Carter in Manhattan, who imposed a substantial penalty on KuCoin. The company agreed to pay nearly $300 million in fines and forfeitures, which includes a fine of approximately $113 million and forfeitures totaling $184.5 million. 

Bloomberg reports that this resolution addresses a criminal case that follows a series of civil claims that the exchange settled in New York more than a year ago.

Related Reading: Not What You Think: Coinbase Shuts Down Solana ‘Hate’ Claims

In 2023, the exchange faced significant scrutiny from regulators, leading to a settlement that required it to block New York users from its platform. 

As part of that agreement, KuCoin also paid $22 million to settle a lawsuit initiated by the state, which accused the platform of failing to register before allowing investors to trade cryptocurrencies.

Founders Seek Relief Through Deferred Prosecution Deals

Adding to the complexity of this case, two of KuCoin’s co-founders have signed deferred prosecution agreements with the US Department of Justice (DOJ). 

These agreements typically allow individuals to avoid prosecution by complying with certain conditions set forth by the government, indicating a possible pathway for the founders to mitigate legal repercussions.

Related Reading: Bitcoin Metrics Reveal That Recent Drop Below $100K Isn’t A ‘Panic Selling Event’ – Details

This recent event highlights the growing regulatory scrutiny confronting cryptocurrency exchanges in the United States. Nevertheless, with President Donald Trump’s second term, these developments are anticipated to decrease markedly.

The current 47th President of the United States has committed to a more transparent and pro-crypto regulatory environment, intending to create a strategic digital asset reserve.

KuCoin
The daily chart shows KCS’s price drop following the news. Source: KCSUSDT on TradingView.com

At the time of writing, the exchange’s native token KCS has dropped 4% to its current trading price of $12.80. 

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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