Articles for tag: anti-money laundering, Cryptocurrency, Cybercrime, financial regulations, KuCoin, KYC, legal compliance

January 31, 2025

KuCoin to Pay $300 Million in Penalties Following Guilty Plea: What It Means for Cryptocurrency Exchange Compliance

KuCoin, a major cryptocurrency exchange, has faced significant legal troubles after its operator, PEKEN Global Limited, pleaded guilty to running an unlicensed money-transmitting business. The company agreed to pay $297 million in penalties due to failure in anti-money laundering practices that allowed criminals to launder large sums. The U.S. Department of Justice highlighted that KuCoin ...

January 31, 2025

Market News

Crypto

KuCoin to Pay $300 Million in Penalties Following Guilty Plea for Regulatory Violations in Cryptocurrency Operations

KuCoin, a major cryptocurrency exchange, has agreed to pay $297 million after admitting it operated without a required money-transmitting license in the U.S. The company failed to implement crucial anti-money laundering measures, which allowed cybercriminals to use the platform for laundering billions of dollars. U.S. authorities noted that KuCoin did not establish a “know your ...

January 29, 2025

Market News

Crypto

KuCoin Fined $297M for Violating BSA Regulations: Latest Crypto Penalty News

KuCoin, a cryptocurrency exchange based in Seychelles, will pay nearly $300 million in penalties and halt operations in the U.S. for two years. This settlement comes after charges claiming the exchange failed to properly monitor its network for criminal activity. Since 2019, Peken Global, the owner of KuCoin, did not register as a money transmitting ...

January 2, 2025

Market News

Crypto

KuCoin Introduces Innovative Crypto Payment Tool to Simplify Transactions for Merchants Worldwide

KuCoin, a popular digital asset exchange, has launched KuCoin Pay, a new payment solution aimed at integrating cryptocurrency into the retail sector. This platform allows merchants to facilitate contactless and borderless transactions by enabling customers to pay with various cryptocurrencies through a QR code or the KuCoin app. With over 37 million users worldwide, KuCoin ...