Major crypto exchange KuCoin, along with two of its founders, was alleged to have failed to implement anti-money laundering (AML) and know-your-customer (KYC) procedures.
According to prosecutors, the absence of AML and KYC on KuCoin enabled the platform to be used to launder illicit funds from criminal proceeds.
KuCoin and Founders Slammed With Charges
In a press release on March 26, United States prosecutors accused KuCoin, with Chun Gan and Ke Tang – founders of the exchange, of operating an unlicensed money-transmitting business and also contravening the Bank Secrecy Act.
The prosecutors allege that KuCoin and its founders served customers in the US but failed to register with the Financial Crimes Enforcement Network (FinCEN) as a money-transmitting firm and the Commodity Futures Trading Commission (CFTC) while operating as a futures commission merchant.
Also, the defendants “willfully” refused to adhere to AML regulations nor implement the KYC program on the platform. Instea
We współpracy z: https://cryptopotato.com/us-prosecutors-charge-kucoin-for-aml-violations-outflows-skyrocket-and-kcs-plummets-13/
