KuCoin, a prominent cryptocurrency exchange, has faced major penalties from the U.S. Department of Justice, totaling $297 million, after acknowledging its failure to comply with crucial regulatory requirements such as AML and KYC measures. This lax oversight enabled a vast sum of potentially illicit transactions to pass through its platform, linked to activities such as darknet trades and fraud. As part of the agreement, KuCoin will exit the U.S. market for at least two years, and its founders will step down and forfeit millions as part of the resolution.
KuCoin's failure to implement proper compliance measures, including anti-money laundering (AML) and know-your-customer (KYC) protocols, has resulted in significant penalties and regulatory consequences.
The settlement, totaling $297 million, requires KuCoin to exit the U.S. market for at least two years, directly impacting its operational reach.
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