The Seychelles-based owner of cryptocurrency exchange KuCoin has agreed to pay nearly $300 million in penalties–and cease doing business in the U.S. for two years–to settle charges that it failed to properly monitor potential criminal activity on its network.
Peken Global, operating KuCoin since 2019, agreed to pay penalties worth $297 million for failing to register as a money transmitting business with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), the Department of Justice (DOJ) said in a press release Monday.
