In a significant development, federal prosecutors in the United States have charged cryptocurrency exchange KuCoin and two of its founders with violating anti-money laundering (AML) laws.
Founders Face DOJ Charges
The US Department of Justice (DOJ) unsealed an indictment against KuCoin and its founders, Chun Gan (also known as “Michael”) and Ke Tang (also known as “Eric”), for their alleged involvement in conspiring to operate an unlicensed money transmitting business and conspiring to violate the Bank Secrecy Act.
The indictment accuses them of “willfully” failing to maintain an effective AML program designed to prevent money laundering and terrorist financing.
According to Damian Williams, the United States Attorney for the Southern District of New York, KuCoin deliberately concealed the fact that a significant number of its users were trading on its platform, and allegedly taking advantage of its US customer base to become one of the world’s largest cr
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