Crypto exchange KuCoin pleads guilty and pays $300 million for operating unlicensed money transmitter in U.S.

Jeffrey A. Newman

KuCoin, a cryptocurrency exchange pleaded guilty in Manhattan federal court and agreed to pay nearly $300 million to settle allegations it operated an unlicensed money-transmitter business in the U.S.  Its two Chinese co-founders, Chun Gan and Ke Tang, who faced U.S. indictments, admitted to owning part of an unlicensed money-transmitting business and each entered into a two-year deferred-prosecution agreement. They also agreed to forfeit about $2.7 million each and are barred from having any roles at KuCoin.

The Seychelles-based KuCoin agreed to leave the U.S. for two years.

Jeff Newman JD MBA, represents whistleblowers nationwide relating to customs and tariff fraud concerning imported Chinese goods as well as corporate whistleblowers in major claims under the False Claims Act (Qui Tam), and SEC, CFTC and FINCEN whistleblower programs. He can be reached at Jeff@JeffNewmanLaw.com or at 617-823-3217