TechFlow news — According to official website information, PEKEN GLOBAL LIMITED, the operating entity of Seychelles-based cryptocurrency exchange KuCoin, has admitted to conducting money transmission business without proper licensing. Under the settlement agreement, KuCoin will pay approximately $297 million in penalties.
The specific enforcement actions include:
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$184.5 million in criminal forfeiture
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Approximately $112.9 million in criminal fines
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Founders Michael Gan and Eric Tang each agreeing to disgorge approximately $2.7 million
In addition, KuCoin has agreed to withdraw from the U.S. market for at least two years going forward, and the two founders will no longer participate in KuCoin's management or operations.
According to court documents, between September 2017 and March 2024, KuCoin served approximately 1.5 million U.S. registered users, earning at least $184.5 million in fee revenue from these users. Prosecutors noted that as late as July 2023, KuCoin had not implemented mandatory KYC (Know Your Customer) requirements nor registered with the U.S. Financial Crimes Enforcement Network (FinCEN).
