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KuCoin pleads guilty, agrees to pay nearly $300 million in US crypto case - REUTERS
Summary
- Crypto exchange to exit US market for two years
- US says lax programs allowed suspicious transactions
- KuCoin CEO focused on strengthening compliance
NEW YORK, Jan 27 (Reuters) - KuCoin, one of the world's largest cryptocurrency exchanges, pleaded guilty on Monday to operating an unlicensed money transmitting business, and agreed to more than $297 million in fines and forfeiture, the U.S. Department of Justice said.
Peken Global Ltd, which operates as KuCoin, entered its plea before U.S. District Judge Andrew Carter in Manhattan.
The plea includes a $112.9 million criminal fine and $184.5 million forfeiture, and calls for KuCoin to exit the U.S. market for at least two years.
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