Episode Details

Federal Court Bans KuCoin from U.S. Users, Imposes $500K Penalty

A federal court has permanently banned KuCoin from serving U.S. users, following a guilty plea for operating an unlicensed money service. The operator, Peken Global Limited, must pay a $500,000 penalty and register properly to allow American traders. This ruling comes after KuCoins previous two-year ban and a $297 million penalty for criminal money laundering and civil trading violations. The exchange had over 1.5 million U.S. users and earned at least $184.5 million in fees. Peken cooperated in the criminal case, avoiding additional disgorgement. The court also dropped claims against linked companies. This enforcement action underscores regulators commitment to crypto compliance.

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