KuCoin fined around 300 million dollars
The Bitcoin exchange KuCoin has admitted its guilt in operating an unlicensed money transfer business in the US and agreed to pay fines and compensation totaling nearly 300 million dollars. This was reported by the platform's press service.
In March of last year, prosecutors filed charges against Peken Global Ltd, which operates the cryptocurrency exchange and is registered in the Seychelles, and two of its co-founders. The charges were related to the platform's lack of effective KYC/AML programs and registration with FinCEN.
Court documents state that KuCoin will pay a fine of 112.9 million dollars and also compensate 184.5 million dollars earned by servicing customers from the US.
Earlier, we wrote that the DeFi liquidity protocol for asset exchange THORChain suspended its operations due to significant debt and issues with leverage.
