The Block Crypto News21 minutes ago

Published on March 26, 2024 15:30 GMT+00:00edited on March 26, 2024 15:34 GMT+00:00

The Department of Justice lodged charges against crypto exchange KuCoin and two of its founders, alleging they violated anti-money laundering laws. 

The DOJ unveiled the indictment on Tuesday against KuCoin and two of its founders Chun Gan and Ke Tang over charges related to operating an unlicensed money-transmitting business and and violating the Bank Secrecy Act. The Department says the exchange failed to maintain an adequate anti-money laundering program and failed to have "reasonable procedures" in place to confirm customers' identities and also failed to file suspicious activity reports.

The indictment said that KuCoin deliberately avoided U.S. AML and KYC regulations by "falsely representing that it had no U.S. customers when, in truth, KuCoin had a substantial U.S. customer …