Prominent global cryptocurrency exchange KuCoin and two of its founders criminally charged with Bank Secrecy Act and unlicensed money transmission offenses.

In March 2024, federal prosecutors in the Southern District of New York charged KuCoin, one of the world’s largest cryptocurrency exchanges, and two of its co-founders, Chun Gan and Ke Tang, with operating an unlicensed money-transmitting business and conspiring to violate the Bank Secrecy Act. The indictment alleged that KuCoin failed to maintain an adequate anti-money-laundering program, did not properly verify customer identities, and did not file suspicious activity reports, while concealing the extent of its U.S. customer base.

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