The US Department of Justice has filed charges against Kucoin cryptocurrency exchange and its two founders for violating US anti-money laundering laws. The exchange allegedly allowed attackers to use its platform to launder funds, according to a press release by the US Attorney’s Office.
Established in 2017 by Chinese nationals Chun Hanan and Ke Tanga, Kucoin is a major platform for trading various cryptocurrencies. The exchange offers services for buying, selling, trading, and storing cryptocurrencies, as well as supporting spot market, futures, staking, and lending.
The accusations against Kucoin and its founders include the failure to adhere to Anti-Money Laundering (AML) regulations. AML protocols involve verifying customer identities, monitoring financial transactions for suspicious activity, complying with regulations, and cooperating with law enforcement to prevent the use of financial systems for money laundering and illegal activities, thus aiding in the combat against financial crimes and terrorism.