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U.S. Indicts KuCoin: What It Means for Cryptocurrency Companies Offering Money Transmission Services to U.S. Customers

April 1, 2024

Via: JD Supra

In a display of the United States’ jurisdictional reach, the Justice Department has indicted KuCoin, a prominent global cryptocurrency exchange, along with founders Chun Gan and Ke Tang, for Bank Secrecy Act (BSA) and unlicensed money transmission offenses.

The indictment follows similar enforcement actions against other large cryptocurrency exchanges, such as BitMex in 2020 and Binance in 2023. It emphasizes the United States’ stance on enforcing its financial regulations, particularly the BSA, on actors that knowingly offer financial services involving cryptocurrency to U.S. residents.

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