Justice Department charges KuCoin and two founders with violating AML laws

KuCoin founders Chun Gan and Ke Tang remained at large according to DOJ officials, who unsealed an indictment against the exchange on March 26.

United States Justice Department officials unsealed an indictment against cryptocurrency exchange KuCoin and two of its founders for “conspiring to operate an unlicensed money transmitting business” and violations of the Bank Secrecy Act, or BSA.KuCoin founders Chun Gan and Ke Tang had willfully failed to maintain an Anti-Money Laundering program at the exchange, leading to the platform being used for “money laundering and terrorist financing.

“KuCoin and its founders deliberately sought to conceal the fact that substantial numbers of U.S. users were trading on KuCoin’s platform,” said U.S. Attorney Damian Williams. “Indeed, KuCoin allegedly took advantage of its sizeable U.S. customer base to become one of the world’s largest cryptocurrency derivatives and spot exchanges, with billions of dollars of daily trades and trillions of dollars of annual trade volume.

U.S. officials have pursued similar criminal charges against crypto exchanges and their executives doing business in the country. On March 28, former FTX CEO Sam Bankman-Friedfollowing his conviction on seven felony charges. Former Binance CEO Changpeng Zhao is expected to be sentenced on April 30.

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