Summary
TLDR: The Commodity Futures Trading Commission filed a complaint against KuCoin for illegal off-exchange commodity transactions and failure to register with the CFTC. The Department of Justice also accused KuCoin of violating anti-money laundering laws. KuCoin settled with the New York Attorney General for $22 million in December.
Key Points
1. The Commodity Futures Trading Commission filed a complaint against KuCoin for illegally dealing in off-exchange commodity futures transactions and soliciting orders for commodity futures without registering with the CFTC.
2. The CFTC sought disgorgement, civil monetary penalties, and permanent trading and registration bans against KuCoin for violating the Commodity Exchange Act and CFTC regulations.
3. KuCoin faced a lawsuit from the Department of Justice for violating the Bank Secrecy Act by failing to implement KYC procedures and transmitting over $4 billion of suspicious and criminal funds.