In an exclusive update teased by Independent crypto Journalist Wu Blockchain, cryptocurrency exchange KuCoin considered putting a stop to its operations and selling the firm in 2023.
KuCoin: Operational Woes and Regulatory Crackdown
Since last year, KuCoin has been faced with several regulatory challenges that threaten its operations as a digital asset trading venue. The crypto exchange and two of its founders; Chun Gan and Ke Tang were recently charged by the United States Department of Justice (DoJ) for flouting multiple federal laws to grow their trading platform into one of the biggest in the nascent industry.
For context, the embattled crypto leaders were accused by the DoJ of operating KuCoin as a money-transmitting business with over 30 million customers but failed to implement a Know-Your-Customer (KYC) or even the Anti-money Laundering (AML) program. When it eventually did in 2023, its KYC program did not take existing customers into cognizance.
Despite the charges, none of
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