C4C| 1-30-25 AM: KuCoin Fines

KuCoin, a prominent cryptocurrency exchange, has pleaded guilty to operating an unlicensed money-transmitting business in the United States and has agreed to pay over $297 million in fines. The settlement includes a $112.9 million criminal fine and $184.5 million in forfeiture. Additionally, KuCoin will withdraw from the U.S. market for at least two years. 

Founders Chun Gan and Ke Tang have agreed to deferred prosecution agreements, additional fines, and will step down from their roles. Prosecutors highlighted KuCoin’s role in facilitating billions of dollars in suspicious transactions due to inadequate anti-money laundering controls. BC Wong, the newly appointed CEO, emphasized the exchange's commitment to compliance and the potential for future U.S. market reentry.

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Fun Fact Of The Day

KuCoin, founded in 2017, has over 30 million users worldwide, making it one of the largest cryptocurrency exchanges globally.