On Monday, the US Department of Justice reported that KuCoin admitted to operating an unlicensed money transmitting business and has agreed to pay more than $297 million in fines and forfeiture.
Peken Global Ltd, the company behind KuCoin, pleaded guilty in front of US District Judge Andrew Carter in Manhattan.
The plea includes a criminal fine of $112.9 million and forfeiture of $184.5 million. As part of the agreement, KuCoin will not operate in the US for at least two years.
The two founders of KuCoin, Chun Gan (known as Michael) and Ke Tang (known as Eric), entered into deferred prosecution agreements, agreeing to forfeit $2.7 million and give up any involvement in the management and operations of KuCoin, for a period of two years.
