KuCoin Announces Settlement with the DOJ, Ushering in a New Chapter of Compliance and Growth
VICTORIA, Seychelles, Jan. 27, 2025 /PRNewswire/ -- KuCoin, a global cryptocurrency exchange, has reached settlements with the U.S. Department of Justice (DOJ), marking the start of a new chapter focused on compliance and strengthened global operations under its new CEO, BC Wong.
As part of the settlement, KuCoin has agreed to exit the U.S. market for a minimum of two years. This underscores KuCoin's commitment to meeting regulatory standards and enhancing its compliance infrastructure to align with global expectations.
Resolutions have also been reached between DOJ and each of KuCoin's founders, Chun Gan and Ke Tang, by which the DOJ has agreed to dismiss all charges against them upon their satisfaction of certain conditions. This outcome ensures a clean path forward for KuCoin and its new leadership.
A Renewed Commitment to Compliance
Over the past two years, KuCoin has made significant strides in compliance, implementing comprehensive Know Your Customer (KYC) requirements for all users and obtaining operating licenses in multiple jurisdictions. These actions reflect the company's proactive efforts to establish itself as a compliant and accountable leader in the cryptocurrency industry.
The appointment of BC Wong as CEO reinforces this commitment. A Singaporean with a Juris Doctor degree, BC previously served as KuCoin's Chief Legal Officer and played a pivotal role in shaping its compliance framework. His leadership underscores KuCoin's focus on aligning its operations with the highest regulatory standards and strengthening its foundation for sustainable growth.
CEO's Vision
BC Wong stated:
"This resolution signifies a new chapter for KuCoin, one that reaffirms our dedication to compliance, security, and innovation. While we are exiting the U.S. for the present, we are focusing on strengthening our global compliance practices and exploring opportunities to reenter the market with the necessary licenses.
KuCoin remains committed to supporting our global community, delivering innovative solutions, and driving the responsible adoption of cryptocurrency. Together, we will build a stronger, more secure future for all."
Looking Ahead
With this resolution, KuCoin is poised to lead the cryptocurrency industry into a more compliant and innovative future. Under BC Wong's leadership, the company will continue refining its operations and prioritizing cing compliance, ensuring it remains a reliable and secure platform for users worldwide.
About KuCoin
Founded in 2017, KuCoin is one of the pioneering and most globally recognized technology platforms supporting digital economies, built on a robust foundation of cutting-edge blockchain infrastructure, liquidity solutions, and an exceptional user experience. With a connected user base exceeding 38 million worldwide, KuCoin offers comprehensive digital asset solutions across wallets, trading, wealth management, payments, research, ventures, and AI-powered bots. KuCoin has garnered accolades such as "Best Crypto Apps & Exchanges" by Forbes and has been recognized among the "Top 50 Global Unicorns" by Hurun in 2024. These recognitions reflect its commitment to user-centric principles and core values, which include integrity, accountability, collaboration, and a relentless pursuit of excellence.
SOURCE KuCoin
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