KuCoin, a cryptocurrency exchange based in the Seychelles, admitted to running an illegal money-transmitting firm and agreed to pay almost$ 300 million in fines and fines.

Peken Global Ltd., one of three KuCoin-operated businesses, entered the appeal in a Manhattan federal court as part of a plea deal with the prosecution, according to prosecutors ‘ statements from Monday.

U. S. District Judge Andrew Carter imposed a$ 113 million fine and ordered$ 184.5 million in forfeitures, according to a U. S. Attorney’s Office statement.

The costs stemmed from a March 2024 accusation against KuCoin and its owners, Chun Gan and Ke Tang, both Chinese citizens. &nbsp,

The company was accused of operating an unregistered money-transmitting firm and failing to implement an anti-money trafficking program by the prosecution.

Gan and Tang have signed deferred prosecution partnerships, avoiding more legal action. Both owners will renounce$ 2.7 million each.

As part of the settlement agreement, KuCoin chairman Michael Gan announced in a statement on Monday that he would be leaving all positions at the business. &nbsp,

He referred to the quality as a “favorable results” that removes all charges brought against him and co-founder Ke Tang upon fulfillment of a set of conditions. Nan emphasized that neither he nor Tang intended to break American law.

Gan said KuCoin may focus on global progress under CEO BC Wong’s management, calling the crew “exceptional”. He also expressed plans to pursue new bitcoin projects, reaffirming his conviction in the humankind’s transformative potential.

Tang, also known as Eric, who was indicted along with Peken in March 2024, will even” no longer have any part in KuCoin’s control or functions”, lawyers said.

The situation follows KuCoin’s December 2023 arrangement with New York state officials. &nbsp,

In response to complaints that the change operated without proper register as a stocks and commodities broker-dealer, it agreed to pay$ 22 million in fines and payments and halted dealing in New York.

The KuCoin sentence is the most recent in a line of U.S. law enforcement actions targeted crypto markets.

Earlier this month, Seychelles-based BitMEX was ordered to pay$ 100 million for failing to comply with U. S. anti-money laundering laws.

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