“Leave Binance. KuCoin as well. Who do you think will be the victim after this?"
Cryptocurrency exchange KuCoin and its two founders have been indicted by United States (US) Department of Justice (DOJ) officials for conspiring to operate an unlicensed money transmission business and violating the Bank Secrecy Act (BSA).
According to the DOJ on March 26, 2024, KuCoin founders Chun Gan and Ke Tang deliberately failed to maintain an Anti-Money Laundering program at the crypto exchange which led to the platform being used for money laundering and terrorist financing.
US Attorney Damian Williams said KuCoin allegedly took advantage of its large US customer base to become one of the world's largest crypto derivatives and spot exchanges with billions of dollars in daily trades including trillions of dollars in annual trading volume.
It was also reported that the US Commodity Futures Trading Commission (CFTC) charged KuCoin with various violations of the Commodity Exchange Act (CEA) and CFTC regulations on March 26, 2024 following the receipt of more than $5 billion and then the sending of more than $4 billion of suspicious funds.
However, KuCoin insists its users' digital assets are safe despite a series of criminal and civil charges filed yesterday by the US Southern District of New York (SDNY) attorney and the CFTC.
It is well known that Gan and Tang helped launch KuCoin in 2017 and through its website, KuCoin's operational headquarters are in Seychelles while the two founders, who are Chinese nationals, remain independent.
As of this writing, the price of the KCS token based on Kucoin has registered a 11.67% plunge at $12.62 in the last 24 hours with a market capitalization of over $1 billion but still gained 1.97% over the last week.
