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What is KuCoin-a crypto exchange or a laundromat for money?
The US Department of Justice has charged the KuCoin cryptocurrency exchange and its two founders with violating US money laundering laws, which allowed attackers to use the platform to legalize funds.
Founded in 2017 by Chinese citizens Chun Gang and Ke Tang, KuCoin is one of the largest platforms for buying, selling, trading and storing various cryptocurrencies. The platform also supports spot market trading, futures trading, staking, and lending.
The charges include non-compliance with AML and KYC (anti-money laundering and Customer verification programs) programs, which made KuCoin a tool for laundering large amounts of criminal proceeds. Despite KuCoin's attempts to hide the presence of US clients and claims of non-involvement in American clients, the platform actively attracted them, promising the possibility of trading without passing KYC.
Since its inception, KuCoin has been used to launder at least $9 billion. in cryptocurrency from suspicious sources, including proceeds from ransomware, income from darknet markets, funds from operations with malicious programs and financial fraud.
The founders now face charges of conspiracy to conduct an illegal money transfer business and conspiracy to violate the Bank Secrecy Act, with a maximum penalty of 5 and 10 years in prison, respectively.
The US Department of Justice has charged the KuCoin cryptocurrency exchange and its two founders with violating US money laundering laws, which allowed attackers to use the platform to legalize funds.
Founded in 2017 by Chinese citizens Chun Gang and Ke Tang, KuCoin is one of the largest platforms for buying, selling, trading and storing various cryptocurrencies. The platform also supports spot market trading, futures trading, staking, and lending.
The charges include non-compliance with AML and KYC (anti-money laundering and Customer verification programs) programs, which made KuCoin a tool for laundering large amounts of criminal proceeds. Despite KuCoin's attempts to hide the presence of US clients and claims of non-involvement in American clients, the platform actively attracted them, promising the possibility of trading without passing KYC.
Since its inception, KuCoin has been used to launder at least $9 billion. in cryptocurrency from suspicious sources, including proceeds from ransomware, income from darknet markets, funds from operations with malicious programs and financial fraud.
The founders now face charges of conspiracy to conduct an illegal money transfer business and conspiracy to violate the Bank Secrecy Act, with a maximum penalty of 5 and 10 years in prison, respectively.
