Summary
TLDR: KuCoin founders and exchange charged by US DOJ for failing to comply with anti-money laundering laws, enabling money laundering and terrorist activity. The exchange allegedly received over $5 billion and sent over $4 billion of suspicious and criminal funds. The founders, along with three companies, are facing charges in connection with the case. Stay updated for more details.
Key Points
1. KuCoin and two of its founders were charged by the United States Department of Justice with conspiring to violate the Bank Secrecy Act by failing to operate a compliant anti-money laundering program, enabling money laundering and terrorist activity to funnel through the platform.
2. Founders Chun Gan and Ke Tang, both Chinese citizens, were charged alongside Flashdot Limited, Peken Global Limited, and Phoenixfin Private Limited for their alleged involvement in the criminal conspiracy.
3. HSI Acting Special Agent in Charge Darren McCormack described the exposed cryptocurrency exchange as an alleged multibillion-dollar criminal conspiracy, emphasizing the seriousness of the charges brought against KuCoin and its founders.