KuCoin Accused of Facilitating Money Laundering

[Suba]

On Tuesday 03/19/2024, crypto exchange KuCoin has been accused by the United States Department of Justice, of violating criminal offenses by not operating an adequate anti-money laundering program or not implementing a KYC program. So many transactions are considered money laundering and terrorism financing, the KuCoin exchange is also accused of running a money transfer business without a license. According to United States prosecutor Damian Williams, the KuCoin exchange has taken in more than $5 billion and sent more than $4 billion in what is considered suspicious and criminal.

KuCoin Founder Escapes
The founders of KuCoin, Chun Gan and Ke Tang, Chinese citizens, have both fled and are currently still being sought. KuCoin had initially failed to register as a money transfer business with the US Treasury Department's Financial Crimes Enforcement Network (FinCEN), and as a futures broker with the US Commodity Futures Trading Commission (CFTC).

KCS Token Collapsed
News of the US Department of Justice's accusations against KuCoin had a major impact on the original KuCoin token (KCS) falling drastically in price. Since the news spread in just a few hours the price of KuCoin token fell 13% from $14.40 to $12.00, and currently the price of KuCoin token (KCS) is $11.91

 

[ImamShaheb]

Just to be on the safe side, people should take necessary steps. Another scenario like FTX will break the trust again. And,once the trust is broken, there's no going back. That's why I've chosen Bitget❣️

 

[saoussen5765]

This is something damageful. I was receiving Publish 0 X payments from this platform for a long period and then switched to the OP Kucoin deposit address. This means if he closes suddenly due to these new requirements I am forced to either receive OP payments on Coinex or for example receive them on Binance or Uphold. Each beginning of this life has its end unfortunately and then this is the sad truth.