KuCoin Agrees to 297 Million Settlement Over Regulatory Breach

pHome News KuCoin Agrees to 297 Million Settlement Over Regulatory BreachppPlease note that we are not authorised to provide any investment advice The content on this page is for information purposes only ppKuCoin a major cryptocurrency exchange has been hit with a 297 million settlement after admitting to a regulatory breach in the United States The settlement includes a criminal fine of 1129 million and a forfeiture of 1845 million and KuCoin will be required to exit the US market for at least two yearsppThe US Department of Justice highlighted that KuCoins failure to implement proper compliance measures including antimoney laundering AML and knowyourcustomer KYC protocols led to a regulatory breachpphttpstwittercomEverythingAjaystatus1884150551463735676ppThis allowed billions of dollars in potentially illicit transactions involving proceeds from darknet markets ransomware and fraud to flow through the platformppProsecutors also pointed out that KuCoin failed to register with the Financial Crimes Enforcement Network FinCEN a key regulatory requirementppAs part of the regulatory breach settlement KuCoins founders Chun Gan Michael and Ke Tang Eric have agreed to step down from their leadership rolesppThey also forfeited 27 million each and entered into twoyear deferred prosecution agreementsppKuCoins newly appointed CEO BC Wong emphasized the companys commitment to addressing the regulatory breach This resolution signifies a new chapter for KuCoin one that reaffirms our dedication to compliance security and innovation Wong statedppHe assured the public that the company would focus on enhancing its compliance efforts and work on reentering the US market with the necessary licenses in placeppAlexander Wilson representing Chun Gan clarified that his client did not intend to violate US laws or be involved in illicit activities Meanwhile David Meister a lawyer for Ke Tang chose not to commentppSince its establishment in 2017 KuCoin has grown rapidly boasting more than 30 million users across over 200 countries However the company has faced increasing regulatory scrutiny over its operationsppIn December 2023 KuCoin agreed to block users from New York and pay a 22 million settlement to resolve a separate case related to the companys failure to register in the stateppIn a similar vein CLS Global a cryptocurrency firm based in the United Arab Emirates UAE recently pleaded guilty to charges of market manipulation and wire fraudppThe company played a role in manipulating NexFundAI a fake token created by the Federal Bureau of Investigation FBI to expose fraudulent activities in the crypto market CLS Global admitted using wash trading to inflate the tokens trading volume misleading investorsppBased in the UK Jimmy is an economic researcher with outstanding handson and headson experience in Macroeconomic finance analysis forecasting and planning He has honed his skills having worked crosscontinental as a finance analyst which gives him intercultural experience He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world worksppPresident of World Bank Group Islamic Development Bank African Development Bank Asian Development Bank European Bank for Reconstruction and Development InterAmerican Development Bank respectivelyppAlMadani Kuroda Mirow Moreno ZoellickppEconomyWatch ContributorppFollowing a career as a photographer and video producer Alice began working in financial services as an IFA in 2007 She began her career as an investment writer and financial journalist in 2009 working for a number of top financial institutions while obtaining extensive expertise writing for a range of industries and audiences Alice went to St Andrews University to study English and RussianppAlice BriggsppEconomyWatch ContributorppArgentinas Energy Secretary in 2002 and subsequently its World Bank representative
Alieto Guadagni has a doctorate in economics from the University of Chile In 1991 he undertook the role of undersecretary of Production for Defense in the Ministry of Defense in Argentina and consequently became secretary of International Economic Relations of the Ministry of Foreign Relations In 1993 Guadagni was appointed an official ambassador of Brazil He has worked as a consultant for international organisations such as the InterAmerican Development Bank IDB the World Bank the Organization of American States and the United Nations in addition to being a researcher at the Universidad Torcuato Di TellappAlieto GuadagnippEconomyWatch ContributorppFounding members of Columbia Universitys Center on Capitalism and Society
Amar Bhide is a Visiting Professor at Harvard Business School currently teaching Lessons from Transformational Medical Advances
Edmund Strother Phelps born July 26 1933 is an economist who won the Nobel Memorial Prize in Economic Sciences in 2006ppAmar Bhide and Edmund PhelpsppEconomyWatch ContributorppAmy Griffin enjoys writing about social media other marketing strategies and finance Some of her bestknown work includes educational content related to finance and economicsppAmy GriffinppEconomyWatch ContributorppChief Economist at NGP Energy Capital Management
Dr Anas F Alhajji is a Managing Partner of Energy Outlook Advisors and was previously the Chief Economist at NGP Energy Capital Management He was in charge of the firms macroanalysis of the oil natural gas and associated markets as well as the general economy Dr Anas F Alhajji is a leading expert on the energy markets and has published over 900 papers articles and columnsppAnas F AlhajjippEconomyWatch ContributorppSenior fellow at the Peterson Institute for International Economics Adjunct professor at Georgetown University
Per Anders Aslund is a Swedish economist and a Senior Fellow at the Atlantic Council Additionally he is the chairman of the International Advisory Council at the Center for Social and Economic Research From 2003 Aslund was the director of the Russian and Eurasian Program at the Carnegie Endowment for International Peace His work mainly focuses on the economic transition from centrally planned to market economies Anders Aslund has been dubbed by David Frum as one of the worlds leading experts on the collapse of the planned Soviet economyppAnders ÅslundppVoxEUorgppAndrea Edwards has worked in marketing and communications all over the globe for 20 years and is now focused on her passion writing A gifted communicator strategist writer and avid blogger Andrea is Managing Director of SAJE a digital communications agency and The Writers Shop a regional collaboration between the best business writers in Asia PacificppAndrea EdwardsppEconomyWatch ContributorppCopyright Economywatchcom All Rights ReservedppCrypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumersppWARNING The content on this site should not be considered investment advice and we are not authorised to provide investment advice Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision The information on this website is general in nature so you must consider the information in light of your objectives financial situation and needspp
Investing is speculative When investing your capital is at risk This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted Your investment may not qualify for investor protection in your country or state of residence so please conduct your own due diligence or obtain advice where necessary This website is free for you to use but we may receive a commission from the companies we feature on this siteppRegistered Address Clickout Media Ltd AA PH Camilleri Buildings Oratory Street Naxxar NXR 2504 Malta Company Number 103525p