Kucoin Faces Legal Reckoning Over Unlicensed Money Transfers – BitRss

The cryptocurrency trading platform Kucoin has admitted to charges of unlicensed money transfers brought by the United States Department of Justice (DOJ). This confession marks a significant development in a case involving the company’s founders, Chun Gan and Ke Tang.

Details of the Allegations

According to Samuel Rubenfeld, Kucoin has declared its guilt in the U.S. District Court for the Southern District of New York. Along with the admission of guilt, founders Chun Gan and Ke Tang have also signed deferred prosecution agreements with the DOJ.

KuCoin acknowledged operating an unlicensed money transfer business, entering into deferred prosecution agreements with the DOJ.

The DOJ first raised these allegations against Kucoin in March 2024, claiming that the company facilitated fund transfers related to criminal activity amounting to as much as $4 billion. This admission of guilt is viewed as a notable step for cryptocurrency organizations grappling with U.S. authorities.

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