US prosecutors have charged KuCoin, one of the world's largest cryptocurrency exchanges, and two of its founders with failing to comply with US anti-money laundering rules.
Since KuCoin's creation in September 2017, the exchange “willfully failed” to establish and maintain software to prevent the platform from being used for illicit activities, including terrorist financing, federal prosecutors in Manhattan alleged on Tuesday. The company also did not put in place appropriate controls to verify customer identities or file reports of suspicious transactions on the exchange, according to the US Attorney's Office for the Southern District of New York.
