KuCoin Crypto Exchange Faces US Charges for Anti-Money Laundering Failures

On Tuesday, federal prosecutors in Manhattan charged KuCoin, one of the world's largest cryptocurrency exchanges, with breaching US anti-money laundering rules.

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Prosecutors claimed the Seychelles-based exchange solicited business to verify clients' identities, as required by US law.

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Prosecutors also accused the exchange's founders, Chinese nationals Chun Gan, 34, and Ke Tang, 39, of conspiracy. They are still at large, according to prosecutors.

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The U.S. Commodity Futures Trading Commission filed a legal action against KuCoin, saying that it failed to register its futures and swaps activity with the agency.

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In December, KuCoin agreed to exclude New York users from its site and pay $22 million to resolve the state's lawsuit accusing it of failing to register there.

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