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They also charged KuCion with operating a “facility for the trading or processing of swaps without registering with the CFTC as a swap execution facility or designated contract market ; and to implement an effective customer identification program ,” the release said. The New York Court also unsealed an indictment against KuCoin and two of its founders, Chun Gan and Ke Tang, “for conspiring to operate an unlicensed money transmitting business and conspiring to violate the Bank Secrecy Act.”
“As a result of KuCoin’s willful failures to maintain the required AML and KYC programs, KuCoin has been used as a vehicle to launder large sums of criminal proceeds, including proceeds from darknet markets and malware, ransomware, and fraud schemes,” a pressfrom the Department of Justice said. “Since its founding in 2017, KuCoin has received over $5 billion, and sent over $4 billion, of suspicious and criminal proceeds.
“But financial institutions like KuCoin that take advantage of the unique opportunities available in the United States must also comply with U.S. law to help identify and drive out crime and corrupt financing schemes,” he said. “KuCoin allegedly deliberately chose not to do so.”
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