The U.S. Department of Justice (DOJ) has filed charges against KuCoin, one of the world's largest cryptocurrency exchanges, and its founders, Chun Gan and Ke Tang. Allegations include violating the Bank Secrecy Act and operating an unlicensed money transmitting business. If found guilty, the accused could face up to 10 years in prison. KuCoin's token (KCS) experienced a 5% drop following the news.
The indictment suggests that KuCoin attempted to circumvent Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations, processing transactions totaling over $5 billion involving potentially dubious funds. KuCoin, along with its founders, allegedly ignored U.S. laws, facilitating illicit financial activities. Gan and Tang, both Chinese citizens, are currently evading authorities. The charges highlight the growing scrutiny faced by cryptocurrency exchanges worldwide.
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