The United States Government has leveled criminal charges against cryptocurrency exchange KuCoin and its founders, Chun Gan and Ke Tang.
The indictment alleges that the exchange failed to implement adequate anti-money laundering measures, enabling over $5 billion in illicit funds to flow through its platform.
Chun Gan and Ke Tang are specifically accused of violating money transmission regulations and the Bank Secrecy Act, with the charges citing involvement in a “multibillion-dollar criminal conspiracy.”
The charges were outlined in a press release issued by the United States Southern District of New York, which named the individuals for their purported roles in facilitating illegal activities.
Damian Willians, the US Attorney of the Southern District of New York, and Darren McCormack, head of the Homeland Security Investigations New York Field Office made the announcement of the indictment.
According to the unsealed document, KuCoin allegedly disregarded US anti-money laundering laws in its pursuit of becoming one of the world’s largest cryptocurrency exchanges.
Attorney Williams emphasized that the exchange intentionally concealed the number of US users on its platform.
The indictment further asserts that KuCoin capitalized on its substantial US customer base to achieve global prominence, describing the expansion as part of a “criminal conspiracy.”
