4.3 C
New York
Saturday, May 18, 2024
HomeBusinessMoney laundering: US slams criminal charges on crypto exchange, KuCoin, 2 founders

Money laundering: US slams criminal charges on crypto exchange, KuCoin, 2 founders

The United States Government on Tuesday indicted cryptocurrency exchange KuCoin and its two founders, Chun Gan and Ke Tang on criminal charges.

Chun Gan and Ke Tang are facing penalties for money transmission and Bank Secrecy Act violations, which specifically cited a “multibillion-dollar criminal conspiracy”.

This was contained in a press release from the United States Southern District of New York, naming them for their role in the alleged illegal activity.

The indictment was announced by US Attorney of the Southern District of New York, Damian Willians, and Homeland Security Investigations New York Field Office head, Darren McCormack.

Advertisements
Advertisements

The unsealed document stated that the exchange “flouted US anti-money laundering laws to grow KuCoin into one of the world’s largest cryptocurrency exchanges”.

Advertisements

Attorney Williams said the exchange “deliberately sought to conceal” the number of US users on the platform.

The document also alleged that KuCoin “took advantage of the sizeable US customer base to become one of the world’s largest exchanges, describing the development as a “criminal conspiracy”.

Advertisements

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -

Most Popular

Recent Comments

Onuegbu Chuks Theophilus on Mikel Obi quits Super Eagles
Thomas H. Anderson on Roman Goddess_3
Oladimeji Emmanuel on Obama sends investors to Buhari