KuCoin agrees to pay nearly $300 million to settle allegations of operating unlicensed currency transfer businesses in the United States

According to Golden Finance, cryptocurrency exchange KuCoin pleaded guilty on Monday in Manhattan federal court and agreed to pay nearly $300 million to settle allegations of operating as an unlicensed currency transfer business in the United States. As part of the settlement agreement, KuCoin has agreed to withdraw from the US market over the next two years. The company stated that its US users can still withdraw funds, but are prohibited from trading on the platform. The two co founders of the company, Chun "Michael" Gan and Ke "Eric" Tang, have admitted to owning a portion of an unlicensed currency transfer business. Both of them have previously faced charges from the United States and have now reached agreements to defer prosecution for two years. They also agreed to each be confiscated approximately $2.7 million and banned from holding positions at KuCoin.