KuCoin pled guilty to federal charges today, acknowledging it operated an unlicensed money-transmitting business. Founders Chun Gan and Ke Tang will avoid prison but have to pay nearly $300 million in fines.

This legal battle played out in the Southern District of New York (SDNY), whose new US Attorney has vowed to stop crackdowns on the crypto industry. However, he claimed that this reprieve would only take place after cases like this reached a suitable resolution.

Criminal Charges Against KuCoin

KuCoin, one of the leading cryptocurrency exchanges, faced several legal challenges last year. In Q4 2024, Alameda Research filed a $50 million lawsuit against the exchange. It also received a formal warning from the Japanese government for operating without required licenses.

Today, in a much more serious episode, KuCoin pleaded guilty to criminal charges in federal court.

“We’re pleased to announce that KuCoin has reached a settlement with US authorities, a major step forward in our journey. This milestone brings clarity to our future and strengthens our commitment to innovation, compliance, and delivering value to our 38M+ users worldwide,” the exchange posted on X (formerly Twitter).

This legal battle began a little under a year ago when the US government charged the firm with a “multibillion-dollar criminal conspiracy.” Specifically, KuCoin was accused of failing to comply w Go to Source to See Full Article
Author: Landon Manning