TechFlow reported, according to Justice, that Damian Williams, U.S. Attorney for the Southern District of New York, and Darren McCormack, Acting Special Agent in Charge of HSI's New York Field Office, announced today charges against global cryptocurrency exchange KuCoin and its two founders, Chun Gan and Ke Tang.
The indictment alleges that KuCoin conspired to operate an unlicensed money transmitting business and willfully violated the Bank Secrecy Act by failing to maintain adequate anti-money laundering (AML) programs, allowing the platform to be used for money laundering and terrorist financing, failing to implement reasonable customer identification procedures, and failing to file any suspicious activity reports.
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