{"id":28235,"date":"2024-03-26T17:42:20","date_gmt":"2024-03-26T17:42:20","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/kucoin-and-two-founders-hit-with-money-laundering-charges\/"},"modified":"2024-03-26T17:42:20","modified_gmt":"2024-03-26T17:42:20","slug":"kucoin-and-two-founders-hit-with-money-laundering-charges","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/kucoin-and-two-founders-hit-with-money-laundering-charges\/","title":{"rendered":"KuCoin and two founders hit with money laundering charges"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Alt Coin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/11\/1649252214143-25e03c15-030b-41da-830e-2d6b77657c51-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/11\/1649252214143-25e03c15-030b-41da-830e-2d6b77657c51-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/11\/1649252214143-25e03c15-030b-41da-830e-2d6b77657c51-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/11\/1649252214143-25e03c15-030b-41da-830e-2d6b77657c51-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li><span style=\"font-weight: 400\">US DOJ has hit KuCoin and two founders with money laundering charges.<\/span><\/li>\n<li>KCS price fell sharply after the news.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">The US Justice Department has charged <a href=\"https:\/\/coinjournal.net\/news\/tag\/kucoin\/\">KuCoin<\/a> and two co-founders of the crypto exchange for operating \u201can unlicensed money transmitting business and for Bank Secrecy Act violations.<\/span><\/p>\n<p><span style=\"font-weight: 400\">An <a href=\"https:\/\/www.justice.gov\/usao-sdny\/pr\/prominent-global-cryptocurrency-exchange-kucoin-and-two-its-founders-criminally\" target=\"_blank\" rel=\"noopener\">announcement<\/a> the US released on Tuesday, March 26 indicated the US had charged Chun Gan and Ke Tang for flouting US anti-money laundering laws as they sought to grow the exchange into one of the largest in the world today.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cAs today\u2019s Indictment alleges, KuCoin and its founders deliberately sought to conceal the fact that substantial numbers of U.S. users were trading on KuCoin\u2019s platform,\u201d US Attorney Damian Williams said in a press release.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Williams added\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cKuCoin allegedly took advantage of its sizeable US customer base to become one of the world\u2019s largest cryptocurrency derivatives and spot exchanges, with billions of dollars of daily trades and trillions of dollars of annual trade volume.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">As well as the DOJ\u2019s criminal charges, KuCoin has also been sued by the US Commodity Futures Trading Commission (CFTC). <\/span><\/p>\n<p><span style=\"font-weight: 400\">The CFTC says KuCoin has operated an illegal crypto derivatives trading platform. Per the filing, the exchange allegedly offered commodity futures and swaps among other commodity related services without the approval of the commission.<\/span><\/p>\n<p><span style=\"font-weight: 400\">KuCoin is the latest crypto exchange to face charges in the US, with Binance agreeing a $4.3 billion settlement for related violations. Former Binance CEO Changpeng Zhao stepped down as part of the agreement. He pleaded guilty to charges and will be sentenced on April 30.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">KuCoin price<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Following today\u2019s news, the price of KCS, the native <a href=\"https:\/\/coinjournal.net\/kucoin-token\/\">KuCoin token<\/a>, plummeted sharply. At the time of writing, KCS traded at $12.6, falling from highs of $14.50.<\/span><\/p>\n<p>KuCoin posted on X shortly after the news release, assuring users that all assets were safe.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/KuCoin?src=hash&amp;ref_src=twsrc%5Etfw\">#KuCoin<\/a> is operating well, and the assets of our users are absolutely safe. We are aware of the related reports  and are currently investigating the details through our lawyers. KuCoin respect the laws and regulations of various countries and strictly adheres to compliance\u2026<\/p>\n<p>\u2014 KuCoin (@kucoincom) <a href=\"https:\/\/twitter.com\/kucoincom\/status\/1772649807972315170?ref_src=twsrc%5Etfw\">March 26, 2024<\/a><\/p>\n<\/blockquote>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/kucoin-and-two-founders-hit-with-money-laundering-charges\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Alt Coin News and Cryptocurrency Comparison ) US DOJ has hit KuCoin and two founders with money laundering charges. KCS price fell sharply after the news. The US Justice Department has charged KuCoin and two co-founders of the crypto exchange for operating \u201can unlicensed money transmitting business [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":28236,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/28235"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=28235"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/28235\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/28236"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=28235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=28235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=28235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}